Marwick's Pianos, Inc., purchases pianos from a large manufacturer and sells them at the retail level. The pianos cost, on the average, $1,498 each from the manufacturer. Marwick's Pianos, Inc., sells the pianos to its customers at an average price of $2,900 each. The selling and administrative costs that the company incurs in a typical month are presented below: Costs Cost Formula Selling Advertising Sales salaries and commissions Delivery of pianos to customers Utilities Depreciation of sales facilities $939 per month $4,795 per month, plus 4% of sales $57 per piano sold $640 per month $5,010 per month Administrative: Executive salaries Insurance Clerical Depreciation of office equipment $13,474 per month $693 per month $2,532 per month, plus $41 per piano solo $881 per month During August, Marwick's Pianos, Inc., sold and delivered 58 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