Marwick's Pianos, Inc., purchases pianos from a large manufacturer for an average cost of $1,487 per unit and then sells them to retail customers for an average price of $2.500 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 $936 per month $4,795 per month, plus 3% of sales $62 per piano sold $662 per month $5,095 per month $13,419 per month $703 per month $2,522 per month, plus $44 per piano sold $917 per month During August, Marwick's Pianos, Inc., sold and delivered 62 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 Selling and administrative expenses Selling expenses Total selling expenses Administrative expenses Total administrative expenses Total selling and administrative expenses Required 1 Required 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. (A "Net operating loss" should be entered as a negative number.). Marwick's Pianos, Inc. Contribution Format Income Statement For the Month of August Total Per Piano Variable expenses Total variable expenses 0 0 Contribution margin Fixed expenses Total fixed expenses 0