Marwick's Pianos, Inc., purchases pianos from a large manufacturer and sells them at the retail level. The pianos cost, on the average, $1,493 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 Selling Advertising $955 per month Sales salaries and commissions $4,782 per month, plus 3% of sales Delivery of pianos to customers $58 per piano sold Utilities $661 per month Depreciation of sales facilities $5,042 per month Administrative: Executive salaries $13,537 per month Insurance $698 per month Clerical $2,528 per month, plus $36 per piano sold Depreciation of office equipment $874 per month During August, Marwick's Pianos, Inc., sold and delivered 62 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.)