House of Pianos, Inc., purchases pianos from a well-known manufacturer and sells them at the retail level. The pianos sell, on the average, for $3,400 each. The average cost of a piano from the manufacturer is $1,870. The costs that the company incurs in a typical month are presented below: Cost Formula Costs Selling: Advertising Delivery of pianos Sales salaries and commissions Utilities Depreciation of sales facilities Administrative: Executive salaries Depreciation of office equipment Clerical Insurance $822 per month $64 per piano sold $6,048 per month, plus 3% of sales $794 per month $6,199 per month $10,118 per month $1,183 per month $3,133 per month, plus $37 per piano sold $902 per month During November, the company sold and delivered 70 pianos. Required: 1. Prepare a traditional income statement for November House of Pianos, Inc. Traditional Income Statement For the Month Ended November 30 Selling and administrative expenses: Selling expenses: Total selling expenses Administrative expenses: Total administrative expenses Total selling and administrative expenses 2. Prepare a contribution format income statement for November House of Pianos, Inc. Contribution Format Income Statement For the Month Ended November 30 Total Per piano Variable expenses: Total variable expenses Fixed expenses: Total fixed expenses