Pietro Frozen Foods, Incy, produces frozen pizzas. Foe next year, Pietro predicts that 50,000 units will be produced, with the following tota costs: Next year, Pietro expects to purchase $119,300 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as foliows: Next year, Pietro expects to produce 50,000 units and sell 49,300 units at a ptice of $12.50 each. Beginning inventory of finished goods is \$42,500, and ending imventory of finished goods is expected to be $34,000. Total selling expense is projected at $26,000, and total administrative expense is projected at $134,000 Requiredt 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 . Next year, Pletro expects to produce 50,000 units and sell 49,300 units at a price of $12.50 each. Beginning inventory of finished goods is $42,500, and ending inventory of finished goods is expected to be $34,000. Total selling expense is projected at $26,000, and total administrative expense is projected at: $134,000. Required: 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 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 founding, percentages may not add down. 2. What if the cost of goods sold percentage for the past few years was 65 percent? Management's reaction might be