Marwick's Pianos, Incorporated, purchases pianos 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: 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 Cost Formula $ 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 Duning August, Marwick's Pianos, Incorporated, sold and delivered 40 pianos. Required 1. Prepare a traditional format income statement for August Prepare a contribution format income statement for August. Show costs and revenues on both a total and a per unit basis down ough contribution margin Prepare a traditional format income statement for August. Marwick's Pianos, Incorporated Traditional Income Statement For the Month of August Selling and administrative expenses: Selling expenses: Total selling expenses Administrative expenses: + Total selling expenses Administrative expenses: Total administrative expenses Total selling and administrative expenses + Marwick's Pianos, Incorporated Contribution Format Income Statement For the Month of August Variable expenses: Total variable expenses Contribution margin Fixed expenses: Total Per Piano Total fixed expenses < Required 1 +