Next year, Pietro expects to produce $48,800$ units and sell $48,100$ units at a price of $$14\mathrm{.}00$ each. Beginning inventory of finished goods is $$39,500,$ and ending inventor

of finished goods is expected to be $$31,000.$ Total selling expense is projected at $$20,000,$ and $$tal administrative expense is projected at $$111,000.$

Required:

Prepare an income statement in good form. Round the percent to four decimal places before converting to a percentage. For example, $\mathrm{.}88349$ would be rounded to

$\mathrm{.}8835$ and entered as $88\mathrm{.}35.$

Note: due to rounding, percentages may not add down.

Pietro Frozen Foods, Inc.

Income Statement

For the Coming Year

DIRECT MATERIALS ARE NOT GIVEN