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. Pietro Frozen Foods, Inc. Income Statement For the Coming Year Less operating expenses: Percent % % % % % 2. What if the cost of goods sold percentage for the past few years was 54.68 percent? Management's reaction might be: