Marwick's Pianos, Inc., purchases pianos from a large manufacturer and sells them at the retail level. The pianos cost, on the average, $1,491 each from the manufacturer. Marwick's Pianos, Inc., sells the pianos to its customers at an average price of $3,000 each. The selling and administrative costs that the company incurs in a typical month are presented below Cost Formula Selling Advertising Sales salaries and commissions Delivery of pianos to customers Utilities Depreciation of sales facilities 938 per month $4,786 per month, plus 5% of sales S62 per piano sold S646 per month $4,997 per month Administrative Executive salaries Insurance Clerical Depreciation of office equipment S13,497 per month $706 per month $2,531 per month, plus S40 per piano sold $871 per month During August, Marwick's Pianos, Inc., sold and delivered 59 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.) Marwick's Pianos, Inc. 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