Marwick's Pianos, Incorporated, purchases pianos from a large manufacturer for an average cost of $1,503 per unit and then sells them to retail customers for an average price of $3,200 each. The company's selling and administrative costs for a typical month are presented below: Costa 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 $ 961 per month $ 4,822 per month, plus 4 of sales $ 62 per piano sold $ 632 per month $ 5,081 per month $ 13,469 per month $ 704 per month $ 2,527 per month, plus $40 per piano sold $ 851 per month During August, Marwick's Pianos, Incorporated, sold and delivered 57 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. Marwick's Pianos, Incorporated, purchases pianos from a large manufacturer for an average cost of $1,503 per unit and then sells them to retail customers for an average price of $3,200 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 $ 961 per month $ 4,822 per month, plus 4% of sales $ 62 per piano sold $ 632 per month $ 5,081 per month $ 13,469 per month $ 704 per month $ 2,527 per month, plus $40 per piano sold $ 851 per month During August, Marwick's Pianos, Incorporated, sold and delivered 57 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 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 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 Per Piano Selling and administrative expenses: Selling expenses: Total selling expenses Administrative expenses: Variable expenses: Total variable expenses Contribution margin Fixed expenses: Total administrative expenses Total selling and administrative expenses Total fixed expenses