Marwick's Pianos, Inc. purchases planos 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 $2,300 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 $942 per month $4,822 per month, plus 48 of sales $62 per piano sold $658 per month $4,947 per month $13,431 per month $704 per month $2,507 per month, plus $41 per piano sold $926 per month 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. Saved 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 Planos, Inc. Traditional Income Statement For the Month of August Selling and administrative expenses Selling expenses Total selling expenses Administrative expenses Total administrative expe Total selling and administrative Prev 1 of 6 Next > Complete this question by entering your answers in the tabs below. 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 Planos, Inc. Contribution Format Income Statement For the Month of August Total Per Piano Variable expenses Total variable expenses Contribution margin Fixed expenses: Total fixed expenses