Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 49,600 units will be produced, with the following total costs: Next year, Pletro expects to purchase $120,000 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as followsi Next year, Pietro expects to produce 49,600 units and sell 48,900 units at a price of $16,00 each. fleginning inventory of finished goods is $39,500, and inding inverten of finished goods is expected to be $31,000. Total selling expense is projected at $26,500, and total administrative expense is proyected at si18, 500. Required: 1. Prepare an income statement in good form. Round the percent to four decimal places before comverting to a percentage for cxample, 8ssa9 would be tounsed to .8835 and entered as 88.35. 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. Note: due to rounding, percentages may not add down