Assignment #1 Marwick's Pianos, Inc., purchases pianos from a large manufacturer for an average cost of $1,502 per unit and then sells them to retail customers for an average price of $3,000 each. The company's selling and administrative costs for a typical month are presented below: Costs Cost Formula Selling: Advertising $954 per month Sales salaries and commissions $4,810 per month, plus 4% of sales Delivery of pianos to customers $57 per piano sold Utilities $653 per month Depreciation of sales facilities $4,951 per month Administrative: Executive salaries $13,439 per month Insurance $699 per month Clerical $2,467 per month, plus $42 per piano sold Depreciation of office equipment $945 per month During August, Marwick's Pianos, Inc., sold and delivered 57 pianos. Required: 1. Prepare a traditional format income statement for August. 2. Prepare a contribution format income statement for August