Income Statement Pietro Frozen Foods, Inc., produces frozenpizzas. For next year, Pietro predicts that 51,700 units will beproduced, with the following total costs: Direct materials ? Directlabor 73,000 Variable overhead 25,000 Fixed overhead 245,000 Nextyear, Pietro expects to purchase $129,000 of direct materials.Projected beginning and ending inventories for direct materials andwork in process are as follows: Direct materials InventoryWork-in-Process Inventory Beginning $6,000 $11,500 Ending $5,900$13,500 Next year, Pietro expects to produce 51,700 units and sell51,000 units at a price of $16.00 each. Beginning inventory offinished goods is $47,500, and ending inventory of finished goodsis expected to be $39,000. Total selling expense is projected at$24,000, and total administrative expense is projected at $101,000.Required: Hide 1. Prepare an income statement in good form. Roundthe percent to four decimal places before converting to apercentage. For example, .88349 would be rounded to .8835 andentered as 88.35. Pietro Frozen Foods, Inc. Income Statement Forthe Coming Year Percent Sales $ % Cost of goods sold % Gross margin$ % Less operating expenses: Selling expenses $ Administrativeexpenses % Operating income $ %