Marwick's Pianos, Inc., purchases pianos from a large manufacturer and sells them at the retail level. The pianos cost, on the average, $1,517 each from the manufacturer. Marwick's Pianos, Inc., sells the pianos to its customers at an average price of $2,700 each. The selling and administrative costs that the company incurs in a typical month are presented below. Cost Formula Selling $966 per month $4,808 per month, plus 5% of sales $62 per piano sold S640 per month $5,083 per month Advertising Sales salaries and commissions Delivery of pianos to customers Utilities Depreciation of sales facilities Administrative Executive salaries Insurance Clerical Depreciation of office equipment $13,421 per month $698 per month $2,537 per month, plus $44 per piano sold $886 per month During August, Marwick's Pianos, Inc., sold and delivered 62 pianos. Required 1. Prepare an income statement for Marwick's Pianos, Inc., for August. Use the traditional format, with costs organized by function. (A "Net operating loss" should be entered as a negative number.)