50 Marwick's Pianos, Incorporated, purchases pianos from a large manufacturer for an average cost of $1,516 per unit and then sells them to retail customers for an average price of $2,700 each. The company's selling and administrative costs for a typical month are presented below. Conta 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 $ 966 per month $ 4,820 per month, plus 3 of sales $59 per piano sold $ 663 per month $ 4,918 per month $ 13,546 per month $ 690 per month) $ 2,483 per month, plus $39 per piano sold $ 911 per month During August, Marwick's Planos, Incorporated, 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 basis down through contribution margin. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional format income statement for August. (A "Net operating loss" should be entered as a negative number.) Marwick's Pianos, Incorporated 5 MC Graw Marwick's Pianos, Incorporated Traditional Income Statement For the Month of August Selling and administrative expenses: Selling expenses Total selling expenses Administrative expenses Total administrative expenses Total selling and administrative expenses < Prev 5 of 5 # Next 5 Mc Marwick's Pianos, Incorporated Contribution Format Income Statement For the Month of August Variable expenses: Total variable expenses Contribution margin Fixed expenses Total fixed expenses Total Per Piano < Prev 5 of 5 Next Submit