Marwicks Pianos, Inc., purchases pianos from a large manufacturer for an average cost of $1,495 per unit and then sells them to retail customers for an average price of $2,300 each. The companys selling and administrative costs for a typical month are presented below

Cost Formula Costs Selling: Advertising Sales salaries and commissions $4,809 per month, plus 3% of sales Delivery of pianos to customers $59 per piano sold Utilities $963 per month $635 per month Depreciation of sales facilities $5,091 per month Administrative Executive salaries $13,464 per month $693 per month Insurance ,2,490 per month, plus $41 per piano $ sold clerical Depreciation of office equipment $867 per month During August, Marwick's Pianos, Inc., sold and delivered 58 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. 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 Required 1 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 Total selling expenses Administrative expenses: Executive salaries Insurance Clerical Depreciation of office equipment Total administrative expenses Total selling and administrative expenses Net operating income 0 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 Required 1 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.) Show lessA Marwick's Pianos, Inc. Contribution Format Income Statement For the Month of August Per Total Piano Sales Variable expenses: Sales salaries and commissions Delivery of pianos Clerical Cost of goods sold Total variable expenses 0 0 Contribution margin Fixed expenses: Advertising Sales salaries and commissions Utilities Depreciation of office equipment| Depreciation of sales facilities Executive salaries Insurance Clerical Total fixed expenses 0 Net operating income