8. House of Furniture, Inc., purchases from a well known manufacturer and sells them at the retail level. Each set is sold at the rate of $2,500. The average cost of each set of furniture from the manufacturer is 51,500. The costs that the company incurs in a month are presented below Cost Selling Costs Advertising $950 per month Delivery expenses S60 per set sold Salaries and commission $4,800 per month, plus 4% of sales Depreciation of sales facilities $5,000 per month Other selling expenses $650 per month Administrative Costs Executive salary $13,500 per month Depreciation of office equipment 5900 per month Clerical expenses $2,500 per month plus S40 per set sold Insurance $700 per month During November, the company sold and delivered 60 furniture sets. Required: Prepare a traditional income statement for November b. Prepare a contribution format income statement. Show costs and revenues on both a total and a per unit basis down through contribution margin