Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pletro predict

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Pietro Frozen Foods, Inc., produces frozen pizzas. For next year, Pletro predict Direct materials Direct labor Variable overhead Fixed overhead Next year, Pietro expects to purchase $12 process are as follows: s that 50,700 units will be produced, with the following total costs: 72,000 17,000 200,000 Next year, Pletro expects to purchase $127,000 of direct materials. Projected beginning and ending inventories for direct materials and workin Direct materials Work-in-Process Beginning Ending Inventory $7,000 $6,900 Inventory $10,000 $12,000 Next year, Pletro expects to produce so,700 units and sll 50,000 units at a price of $13.00 each, Begining inventory of frished goods is $38,500, and ending inventory of finished goods is expected to be $30,000. Total selling expense is profected at $22,000, and total administrative expense is projected at $123,500 Required 1. Prepare an income statement in good form. Round the percent to tour decimal places before converting to a percentape. For example, 88349 would be rounded to .8835 and entered as 88.35 Pietro Frozen Foods, Inc. Income Statement Percent Less operating expenses Previous Next

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1.

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Pietro Frozen Foods Inc. Income Statement For the Coming Year Percent Sales revenue 650000 100.00% Cost of goods sold 422600 65.02% Gross margin 227400 34.98% Less operating expenses: Selling expense 22000 Administrative expense 123500 145500 22.38% Net income 81900 12.60%

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