Marwick's Pianos, Inc., purchases pianos from a large manufacturer for an average cost of $1,514 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: Costs Cost Formula Selling: Advertising $958 per month Sales salaries and commissions Delivery of pianos to customers Utilities $4,804 per month, plus 48 of sales $58 per piano sold $664 per month $4,964 per month Depreciation of sales facilities. Administrative: Executive salaries $13,586 per month Insurance $690 per month Clerical $2,460 per month, plus $42 per piano sold $931 per month Depreciation of office equipment During August, Marwick's Pianos, Inc., sold and delivered 57 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. Contribution Format Income Statement For the Month of August Total Variable expenses: Total variable expenses Contribution margin Fixed expenses: Total fixed expenses Per Piano 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