Marwick's Pianos, Inc., purchases pianos from a large manufacturer and sells them at the retail level. The pianos cost, on the average, $1,501 each from the manufacturer. Marwick's Pianos, Inc., sells the pianos to its customers at an average price of $3,200 each. The selling and administrative costs that the company incurs in a typical month are presented below: Costs Selling Cost Formula Advertising Sales salaries a Delivery of pianos to customers Utilities Depreciation of sales facilities $953 per month $4,813 per month, plus 5% of sales $58 per piano sold $644 per month $4,957 per month Administrative: Executive salaries Insurance Clerical Depreciation of office equipment $13,426 per month $708 per month $2,501 per month, plus $39 per piano sold $898 per month During August, Marwick's Pianos, Inc., sold and delivered 57 pianos. Required 1. Prepare an income statement for Marwick's Pianos, Inc., for August. Use the traditional format, witlh costs organized by function. (A "Net operating loss" should be entered as a negative number.)