Marwick's Pianos, Ic., purchases pianos from a large manufacturer for an average cost of $1,511 per unit and then sells them to retail customers for an average price of $2,600 each. The company's selling and administrative costs for a typical month are presented below: Cost Formula Costs Selling: Advertising $967 per month $4,823 per month, plus 3% of sales $60 per piano sold $657 per month $5,017 per month Sales salaries and commissions Delivery of pianos to customers Utilities Depreciation of sales facilities Administrative: Executive salaries $13,421 per month $696 per month $2,491 per month, plus $37 per piano sold $858 per month Insurance Clerical Depreciation of office equipment During August, Marwick's Pianos, Ic., sold and delivered 65 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 contribution format income statement for August. Show costs and revenues on both a total and a per unit basis down through contribution margin. (A "Net operating loss" should be entered as a negative number.) Marwick's Pianos, Inc. Contribution Format Income Statement For the Month of August Marwick's Pianos, Inc. Contribution Format Income Statement For the Month of August Total Per Piano Sales 169,000 2,600 Variable expenses: Cost of goods sold 98,215 1,511 5,070 Sales salaries and commissions 78 2,405 Delivery of pianos 37 3,900 Clerical 60 Total variable expenses 109,590 1,686 Contribution margin 59,410 $ $ 914 Fixed expenses: Advertising 967 Sales salaries and commissions Utilities 657 Depreciation of office equipment 858 Depreciation of sales facilities 5,017 Executive salaries 13,421 696 Insurance Clerical Total fixed expenses 21,616 Net operating income