Marwick's Pianos, Inc., purchases pianos from a large manufacturer and sells them at the retail level. The pianos cost, on the average, $1,494 each from the manufacturer. Marwick's Pianos, Inc., sells the pianos to its customers at an average price of $2,600 each. The selling and administrative costs that the company incurs in a typical month are presented below:

CostsCost FormulaSelling:Advertising$949 per monthSales salaries and commissions$4,773 per month, plus 3% of salesDelivery of pianos to customers$59 per piano soldUtilities$637 per monthDepreciation of sales facilities$5,034 per monthAdministrative:Executive salaries$13,435 per monthInsurance$697 per monthClerical$2,454 per month, plus $35 per piano soldDepreciation of office equipment$890 per month

Required:1.Prepare a n 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.)