Marwick's Pianos, Inc., purchases planos from a large manufacturer for an average cost of $2,450 per unit and then sells them to retail customers for an average price of $3,125 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 $700 per month $950 per month, plus 8% of sales $30 per piano sold $350 per month $800 per month $2,500 per month $400 per month $1,000 per month, plus $20 per piano sold $300 per month During August, Marwick's Pianos, Inc., sold and delivered 40 planos 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 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 ter One Homework A For the Month of August Total 125,000 Per Piano $ 3,125 $ Sales Variable expenses Cost of goods sold 98,000 2,450 -Book Ferences 98,000 2.450 Total variable expenses Contribution margin Fixed expenses: Total fixed expenses