10 3 points eBook References Problem 1-21 (Algo) Traditional and Contribution Format Income Statements [LO1-6] Marwick's Pianos, Incorporated, purchases pianos from a large manufacturer for an average cost of $1,516 per unit and then s to retail customers for an average price of $2,300 each. The company's selling and administrative costs for a typical month are presented below: Costs Selling: Advertising Sales salaries and commissions Delivery of pianos to customers Utilities Depreciation of sales facilities Administratives Executive salaries: Insurance Clerical Depreciation of office equipment Cost Formula $ 941 per month $ 4,789 per month, plus 6 of sales $ 62 per piano sold $ 632 per month $ 5,035 per month $ 13,564 per month $ 687 per month. $ 2,461 per month, plus $36 per piano sold $ 946 per month During August, Marwick's Pianos, Incorporated, sold and delivered 60 planos. 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 pasis down through contribution margin.