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 $2,900 each. The company's selling and administrative costs for a typical month are presented below: Costs Cost Formula Selling: Advertising $970 per month Sales salaries and commissions $4,771 per month, plus 6% of sales Delivery of pianos to customers $58 per piano sold Utilities $664 per month Depreciation of sales facilities $5,052 per month Administrative: Executive salaries $13,498 per month Insurance $697 per month Clerical 2,530 per month, plus $41 per piano Depreciation of office equipment $918 per month $ sold During August, Marwick's Pianos, Inc., sold and delivered 59 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 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 Selling and administrative expenses: Selling expenses: Total selling expenses Administrative expenses: Total administrative expenses Total selling and administrative expenses 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 less Marwick's Pianos, Inc. Contribution Format Income Statement For the Month of August Per Total Piano Variable expenses: Total variable expenses Contribution margin Fixed expenses: Total fixed expenses