HW Chapter 10 10 3 points Skipped eBook Reference Problem 1-21 (Algo) Traditional and Contribution Format Income Statements [LO1-6] Marwick's Pianos, Incorporated, purchases pianos from a large manufacturer for an average cost of $1,498 per unit and then sells them to retail customers for an average price of $2,700 each. The company's selling and administrative costs for a typical month are presented below: Costs Selling: Advertising Sales salaries and commissions Delivery of pianos to customers Utilities Depreciation of sales facilities Administrative: Executive salaries Insurance Clerical Depreciation of office equipment Cost Formula $ 964 per month $ 4,830 per month, plus 5% of sales $ 61 per piano sold $ 667 per month $ 5,047 per month $ 13,495 per month $ 785 per month $ 2,543 per month, plus $44 per piano sold $ 897 per month During August, Marwick's Pianos, Incorporated, sold and delivered 61 planos. Required: 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 Complete this question by entering your answers in the tabs below. Required Required 1 2 Prepare a traditional format income statement for August. (A "Net operating loss" should be entered as a negative number.) Marwick's Pianos, Incorporated Traditional Income Statement For the Month of August Selling and administrative expenses Selling expenses Total selling expenses Administrative expenses Total administrative expenses Total selling and administrative expenses 0 Required 2 >