Marwick's Pianos, Incorporated, purchases pianos from a large manufacturer for an average cost of $1,483 per unit and then sells them to retail customers for an average price of $2,200 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 $ 960 per month $ 4,808 per month, plus 4% of sales $ 57 per piano sold $ 664 per month $ 5,073 per month $ 13,505 per month $ 695 per month $ 2,515 per month, plus $44 per piano sold $948 per month During August, Marwick's Pianos, Incorporated, sold and delivered 61 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 1. Required 2 and revenues on both a total and a per unit basis 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 Pianos, Incorporated Traditional Income Statement For the Month of August Sales $ 134,200 Cost of goods sold 90,463 Contribution margin 43,737 Selling and administrative expenses: Selling expenses: Advertising $ 960 Sales salaries and commissions 10,176 Delivery of pianos 3,477 Utilities 664 Depreciation of sales facilities 5,073 Total selling expenses 20,350 Administrative expenses Executive salaries 13,505 Insurance 695 Clerical 5,199 Depreciation of office equipment 948 Total administrative expenses 20,347 Total selling and administrative expenses Net operating income 40,697 $ 3,040 Required 2 > 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 Pianos, Incorporated Contribution Format Income Statement For the Month of August Total Sales Variable expenses Cost of goods sold Sales salaries and commissions Delivery of pianos Clerical Total variable expenses Contribution margin Per Piano $ 134,200 $ 2,200 90,463 1,483 90,463 1,483 Fixed expenses Advertising 58,560 Sales salaries and commissions Utilities Depreciation of sales facilities Executive salaries Insurance Clerical Depreciation of office equipment Total fixed expenses 58,560. Net operating income