Income Statement Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 55,500 units will be produced, with the following total costs: Direct materials Direct labor Variable overhead Fixed overhead Next year, Pietro expects to purchase $117,500 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: 20,000 215,000 Direct materials Work-in-Process Inventory $6,000 $5,900 Inventory $10,800 $12,800 Beginning Ending Next year, Pietro expects to produce 55,500 units and sell 54,800 units at a price of $15.00 each. Beginning inventory of finished goods is $39,500, and ending inventory of finished goods is expected to be $31,000. Total selling expense is projected at $22,000, and total administrative expense is projected at $111,500. Required: 1. Prepare an income statement in good form. Round the percent to four decimal places before converting to a percentage. For example, .88349 would be rounded to.8835 and entered as 88.35