Marwick's Pianos, Incorporated, purchases pianos from a large manufacturer for an average cost of $1,494 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 Administrative: Executive salaries Insurance Clerical Depreciation of office equipment Cost Formula $951 per month $4,790 per month, plus 6% of sales $62 per piano sold $644 per month $5,017 per month $13,583 per month $681 per month $2,510 per month, plus $38 per piano sold $934 per month During August, Marwick's Planos, Incorporated, sold and delivered 57 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. Prepare a traditional format income statement for August. (A "Net operating loss" should be entered as a negative number) Marwick's Planos, Incorporated Traditional Income Statement For the Month of August Salling and administrative expenses Seling expenses: Total selling expe 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 Planos, Incorporated Contribution Format Income Statement For the Month of August Variable expenses Total Per Piano Total variable expenses 0 0 Contribution margin Fixed expenses Total adminative expenses o Total selling and administrative expenses 0 Total fixed expenses 0