Marwick's Pianos, Inc., purchases planos 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: Cost Formula Costa Selling: Advertising Sales salaries and commissions Delivery of pianos to customers Utilities Depreciation of sales facilities Administratives Executive salaries Insurance clerical Depreciation of office equipment $962 per month $4,827 per month, plus 5t of sales $62 per piano sold $640 per month $4,953 per month $13,496 per month $699 per month $2,492 per month, plus $35 per piano sold $896 per month During August, Marwick's Pianos, Inc., sold and delivered 64 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 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 Marwick's Pianos, Inc. Contribution Format Income Statement For the Month of August Total Per Piano Variable expenses: Total variable expenses Contribution margin Fixed expenses