Marwick's Pianos, Incorporated, purchases pianos from a large manufacturer for an average cost of $1,491 per unit and then sells them to retail customers for an average price of $2,500 each. The company's selling and administrative costs for a typical month are presented below: Cost Formula 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 $944 per month $4,797 per month, plus 4% of sales $60 per piano sold $652 per month $5,073 per month $13,474 per month $707 per month $2,453 per month, plus $39 per piano sold $903 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 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 Marwick's Pianos, Incorporated Traditional Income Statement For the Month of August Selling and administrative expenses: Selling expenses Total selling expenses Administrative expenses. 0 Total administrative expenses 0 Total selling and administrative expenses 0 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 Variable expenses 0 Total variable expenses Contribution margin Fixed expenses Total fixed expenses