Pietro Frozen foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 54,100 units will be produced, with the following total costs: Next year, Pietro expects to purchase $120,500 of direct materiais. Projected beginning and ending inventories for direct materials and work in process are as follows: Next year, Pietro expects to produce 54,100 units and sell 53,400 units at a price of $18.00 each. Beginning inventory of finished goods is 542 , 500 , and ending inventory of finished goods is expected to be $34,000. Total selling expense is projected at $27,000, and total administrative expense is projected at $108,000. Required: 1. Prepare an income statement in good form. Round the percent to four decimai places before converting to a percentage. For example, 88349 would be rounded to .8835 and entered as 88.35. Note: due to rounding, percentages may not add down. Pietro Frozen Foods, Inc. Income Statement Fint the Combins Vers. 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 .B835 and entered as 88,35 . Note: due to rounding, percentages may not add down. 2. What if the cost of goods sold percentage for the past few years was 43.93 percent? Management's reaction might be