Marwick's Pianos, Inc., purchases pianos from a large manufacturer for an average cost of $1,491 per...

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Marwick's Pianos, Inc., purchases pianos from a large manufacturer for an average cost of $1,491 per unit and then sells them to retai customers for an average price of $3,100 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 $955 per month $4,820 per month, plus 5% of sales. $60 per piano sold $640 per month $4,930 per month $13,427 per month $693 per month $2,524 per month, plus $37 per piano sold $885 per month During August, Marwick's Pianos, Inc., sold and delivered 65 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. Marwick's Pianos, Inc., purchases pianos from a large manufacturer for an average cost of $1,491 per unit and then sells them to retai customers for an average price of $3,100 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 $955 per month $4,820 per month, plus 5% of sales. $60 per piano sold $640 per month $4,930 per month $13,427 per month $693 per month $2,524 per month, plus $37 per piano sold $885 per month During August, Marwick's Pianos, Inc., sold and delivered 65 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.