Marwick's Pianos, Inc., purchases pianos from a large manufacturer for an average cost of $1,520 per unit and then sells them to retail customers for an average price of $2,700 each. The company's selling and administrative costs for a typical month are presented below: Cost Formula 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 $959 per month $4,792 per month, plus 3% of sales $62 per piano sold $649 per month $5,018 per month $13,544 per month $701 per month $2,470 per month, plus $43 per piano sold $930 per month During August, Marwick's Pianos, Inc., sold and delivered 64 pianos. Required: 1. Prepare a traditional format income statement for August. 2. Prepare a contribution format income statement for August. Show costs and revenues on both a total and a per unit basis down through contribution margin. Complete this question by entering your answers in the tabs below. Required 1 Required 2 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 Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses: Advertising Sales salaries and commissions Delivery of pianos Utilities Depreciation of sales facilities 0 Total selling expenses Administrative expenses: Executive salaries Insurance Clerical Depreciation of office equipment 0 Total administrative expenses Total selling and administrative expenses Net operating income 0