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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 $1,486 per unit and then sells them to retail customers for an average price of $2,000 each. The company's selling and administrative costs for a typical month are presented below: 5 Costs Cost Formula Selling: Advertising $ 954 per month Sales salaries and commissions $ 4,818 per month, plus 5% of Delivery of pianos to customers $ 60 per piano sold Utilities $ 651 per month Depreciation of sales facilities $ 5,021 per month Administrative: Executive salaries $ 13,480 per month Insurance $ 698 per month Clerical $ 2,475 per month, plus 542 pe Depreciation of office equipment $ 913 per month During August, Marwick's Pianos, Incorporated, sold and delivered 60 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional format income statement for August. (A "Net operating loss should Marwick's Pianos, Incorporated Traditional Income Statement For the Month of August Check my wa Marwick's Pianos, Incorporated Traditional Income Statement For the Month of August Selling and administrative expenses: Selling expenses: Total selling expenses Administrative expenses: 0 0 Total administrative expenses Total selling and administrative expenses 0 Marwick's Pianos, Incorporated, purchases planos from a large manufacturer for an average cost of $1,486 per unit and then sells them to retail customers for an average price of $2,000 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 panos to customers Utilities Depreciation of sales facilities Administrative: Executive salaries Insurance Clerical Depreciation of office equipment $ 954 per month $ 4,818 per month, plus 5 of sales 5 60 per piano sold $ 651 per month $ 5,021 per month 5 13,480 per month $ 698 per month $ 2,475 per month, plus $42 per piano sold $ 913 per month During August, Marwick's Pianos, Incorporated, sold and delivered 60 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