Income Statement Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 52,500 units will be produced, with the following total costs: Direct materials Direct labor 56,000 Variable overhead 18,000 Fixed overhead 190,000 Next year, Pietro expects to purchase $124,000 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Direct materials Work-in-Process Inventory Inventory Beginning $6,000 $13,500 Ending $5,900 $14,500 Next year, Pietro expects to produce 52,500 units and sell 51,800 units at a price of $15.00 each. Beginning inventory of finished goods is $45,500, and ending inventory of finished goods is expected to be $37,000. Total selling expense is projected at $28,500, and total administrative expense is projected at $122,000,