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Pietro Frozen Foods, inc., produces frozen pizzas. For next year, Pietro predicts that 53,600 units will be produced, with the following total costs: Next year, Pietro expects to purchase $124,500 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Next year, Pietro expects to produce 53,600 units and sell 52,900 units at a price of $16.00 each: Beginning inventory of finished goods is $38,500, and ending inventory of finished goods is expected to be $30,000. Total seling expense is projected at $2.6,000, and total administrative expense is projected at $129,000. 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 rounding, percentages may not add down. 2. What if the cost of goods sold percentage for the past few years was 48.05 percent? Marigement's reaction might be