Marwicks Pianos, Inc., purchases pianos from a large manufacturer and sells them at the retail level. The pianos cost, on the average, $1,484 each from the manufacturer. Marwicks 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:

Marwick's Pianos, Inc., purchases pianos from a large manufacturer and sells them at the retail level. The pianos cost, on the average, $1,484 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 Costs Cost Formula Advertising Sales salares and c Delivery of pianos to customers Utilities Depreciation of salles facilities $4,826 per month, plus 4% of sales $61 per piano sold 3 per month $4,945 per month Administrative Executive salaries $13,598 per month 5 per month $2,528 per month, plus S43 per piano sold Clerical Depreciation of office equipment During August, Marwick's Pianos, Inc., sold and delivered 56 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 tatement For the Month of August Sales Selling and administrative expenses: Selling expenses: Marwick's Pianos, Inc. Traditional Income Statement For the Month of August Sales Selling and administrative expenses: Selling expenses: Total selling expenses istrative cxpens Total administrative expenses Total selling and administrative expenses 2. Prepare an income statement for Marwick's Pianos, Inc., for August, this time using the contribution format, with costs organized by behavior. Show costs and revenues on both a total and a per unit basis down hrough 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 Total Per Piano Variable expenses Total variable expenses Contribution margin Fixed expenses: Total fixed expenses