01:06:18 Book rint rences Problem 1-21 Traditional and Contribution Format Income Statements [LO1-6] Marwick's Pianos, Inc., purchases pianos from a large manufacturer for an average cost of $1,518 per unit and then se customers for an average price of $3,200 each. The company's selling and administrative costs for a typical month am below: Costs Selling: Advertising Sales salaries and commissions Delivery of pianos to customers Utilities Depreciation of sales facilities Administrative: Executive salaries Insurance Clerical Depreciation of office equipment Cost Formula $946 per month $4,787 per month, plus 3 of sales $60 per piano sold $639 per month $4,914 per month $13,507 per month $717 per month $2,452 per month, plus $38 per piano sold $913 per month During August, Marwick's Planos, Inc., sold and delivered 60 pianos. Required: 1. Prepare a traditional format income statement for August. 2. Prepare a contribution format income statement for August. Show costs and revenues on both a total and a per unit bas through contribution margin. Complete this question by entering your answers in the tabs below. 200