Marwick's Pianos, Incorporated, purchases pianos from a large manufacturer for an average cost of $1,519 per unit and then sells them to retail customers for an average price of $3,000 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 Administratives Executive salaries Insurance Clerical Depreciation of office equipment Cost Formula 5937 per month $4,798 per month, plus 5% of sales- $58 per piano sold $648 per month $5,075 per month $13,578 per month $681 per month $2,522 per month, plus $35 per piano sold $950 per month During August, Marwick's Pianos, Incorporated, sold and delivered 61 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 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 Innometement 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 Selling ahd administrative expenses: Selling expenses: Total selling expenses Administrative expenses Total administrative expenses Total selling and administrative expenses 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 Variable expenses: Total variable expenses Contribution margin Fixed expenses: Total fixed expenses Total Per Piano