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Income Statement Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pietro predicts that 48,200 units will be produced, with the following total costs: Next year, Pietro expects to purchase $117,000 of direct materials. Projected beginning and ending inventories for direct materials and work in as follows: Next year, Pietro expects to produce 48,200 units and sell 47,500 units at a price of $15.00 each. Beginning inventory of finished $4500, and ending inventory of finished goods is expected to be $37,000. Total selling expense is projected at $28,500, and total at $108,000. 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. 2. What if the cost of goods sold percentage for the past few years was 58.94 percent? Management's reaction might be