Marwick's Pianos, Inc., purchases pianos from a large manufacturer for an average cost of $1,511 per unit and then sells them to retail customers for an average price of $2,200 each. The company's selling and administrative costs for a typical month are presented below: Costs Selling: Advertising Sales salaries and commissions Delivery of pianos to customers Utilities Depreciation of sales facilities Administrative: Executive salaries Insurance Clerical Depreciation of office equipment Cost Formula $961 per month $4,785 per month, plus 5% of sales $57 per piano sold $649 per month $4,910 per month $13,519 per month $714 per month $2,477 per month, plus $36 per piano sold $892 per month During August, Marwick's Pianos, Inc., sold and delivered 63 pianos. Required: 1. Prepare a traditional format income statement for August. Prepare a traditional format income statement for August. (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 Total selling expenses Administrative expenses Total administrative expenses Total selling and administrative expenses