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Concert Pianos, Inc., purchases pianos from a well-known manufacturer and resells them at its retail store. Needed information for this lab assignment is given below CONCERT PIANOS, INC. $ 5,300 Average sales price of each piano Number o f pianos sold and delivered in March sts Average cost of each piano (cost of goods sold) st Formula 2,800 per piano Sellin Advertising 950 per month Delivery of pianos per piano sold 4,800 per month plus 5% 60 Sales salaries and commissions Utilities Depreciation of sales facilities of sales per month $ 5,000 per month 650 Administrative: Executive salaries Depreciation of office equipment Clerical Insurance $ 13,500 per month 900 per month $ 2,500 per month plus $40 per piano sold 700 per month ACCT& 203 Lab 2 -Online Class Winter 2019 Instructor: Pat Carter Points Possible: 10 To receive full credit, you must use cell references (linking) when possible and use Excel formulas for all calculated amounts. In this lab you will analyze the costs of a piano retailer. Using the given data, prepare a traditional income statement for March and a contribution format income statement for March. CONCERT PIANOS, INC. Traditional Income Statement For the Month Ended March 31 $ 291,500 154,000 137,500 Sales Cost of goods sold Gross margin Selling and administrative expenses Selling expenses Advertising Delivery of pianos Sales salaries & commissions Utilities Depreciation of sales facilities Total selling expenses Administrative expenses Executive salaries Depreciation of office equipment Clerical Insurance Total administrative expenses Total selling and administrative expenses Net operating income 950 3,300 CONCERT PIANOS, INC. Contribution Format Income Statement For the Month Ended March 31 Total Per Piano Sales Variable expenses Cost of goods sold Delivery of pianos Sales commissions Clerical Total variable expenses Contribution margin Fixed expenses Advertising Sales salaries Utilities Depreciation of sales facilities Executive salaries Depreciation of office equipment Clerical Insurance Total fxed expenses Net operating income