Income Statement progress-false Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 55,400 units will be produced, with the following total costs Direct materials Direct labor Variable overhead Fixed overhead 60,000 15,000 235,000 Next year, Pietro expects to purchase $128,500 of direct materials. Projected beginning and ending inventories for direct materials a Inventory $5,000 Direct materials Beginning Ending $4,900 Work-in-Process Inventory $12,700 $14,700 Next year, Pietro expects to produce 55,400 units and sell 54,700 units at a price of $14.00 each. Beginning inventory of finished goods is 38.00, projected at $20,500, and total administrative expense is projected at $127,000 Required: 1. Prepare an income statement in good form. Round the percent to four decimal places before converting to a percentage. For example, a wld be undo 362 and Pietro Frozen Foods, Inc. Income Statement For the Coming Year Less operating expenses Percent 2. What if the cost of goods sold percentage for the past few years was 36.12 percent Management's reaction might be Check My Work 1 more Checs My Work uses remaining All work seved ACE