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 $3,700 each. The average cost of a piano from the manufacturer is $1,480. The costs that the company incurs in a typical month are presented below Selling: Delivery of pianos Sales salaries and commissions Utilities Depreciation of sales facilities $751 per month $69 per piano sold $4,786 per month, plus 5% of sales $628 per month $4,906 per month -HEE Administrative Executive salaries Depreciation of office equipment Clerical Insurance $16,863 per month $936 per month $2,479 per month, plus $40 per piano sold $713 per month During November, the company sold and delivered 60 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