1-21 (Algo) Traditional and Contribution Format Income Statements [LO1-6] Marwicks Pianos, Incorporated, purchases pianos from a large manufacturer for an average cost of $1,498 per unit and then sells them to retail customers for an average price of $3,200 each. The companys selling and administrative costs for a typical month are presented below: Costs Cost Formula Selling: Advertising $ 965 per month Sales salaries and commissions $ 4,826 per month, plus 5% of sales Delivery of pianos to customers $ 60 per piano sold Utilities $ 640 per month Depreciation of sales facilities $ 4,922 per month Administrative: Executive salaries $ 13,573 per month Insurance $ 685 per month Clerical $ 2,538 per month, plus $40 per piano sold Depreciation of office equipment $ 862 per month During August, Marwicks Pianos, Incorporated, sold and delivered 62 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 basis down through contribution margin