Check my world Marwick's Planos, Inc, purchases planos from a large manufacturer for an average cost of $1,482 per unit and then sells them to retail customers for an average price of $3,400 each. The company's selling and administrative costs for a typical month are presented below: Cost Formula costs Selling Advertising Sales salaries and commissions Delivery of pianos to customers Depreciation of sales facilities Administrative: Executive salaries Insurance clerical Depreciation of office equipment $958 per month $4,819 per month, plus N of sales 569 per piano sold 5651 per month $4,972 per month $13,537 per month $719 per month $2,482 per month, plus 538 per piano sold $943 per month During August. Marwick's Pianos, Inc., sold and delivered 61 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 Marwick's Pianos, Inc. Traditional Income Statement For the Month of August Selling and administrative expenses: Selling expenses: Total selling expenses O 0 Total selling expenses Administrative expenses: Total administrative expenses 0 Total selling and administrative expenses O Marwick's Pianos, Inc. Contribution Format Income Statement For the Month of August Total Per Piano Variable expenses: Total variable expenses 0 0 Contribution margin Fixed expenses: Total variable expenses 0 Contribution margin Fixed expenses: Total fixed expenses 0