Marwick's Pianos, Inc., purchases pianos from a large manufacturer and sells them at the retail level. The pianos cost, on the average, $1,519 each from the manufacturer. Marwick's Pianos, Inc., sells the pianos to its customers at an average price of $2,300 each. The selling and administrative costs that the company incurs in a typical month are presented below: Costs Cost Formula Seling Sales salaries and commiss ons Doivery of pianos to customers Utilitios Doprociation of sales facilitos $930 per month $4,784 per month, plus 6% of sales $80 per plano sold $867 per month $5,032 por month Administrativa: Executive salaries Insurance Clerical Depreciation of office equipment $13,527 per month $702 per month $2,523 per month, plus $40 per piano sold $934 per month During August, Marwick's Pianos, Inc., sold and delivered 64 pianos. Required: 1. Prepare an income statement for Marwick's Planos, Inc., for August. Use the traditional format, with costs organized by function. (A "Net oporating loss" should be enterod as a nogative number.) Marwick's Pianos, Inc. r the Month of Selling and administrative expenses: Seling expensos: Total selling expens0S Total selling and administrative expenses