Marwick's Pianos, Incorporated, purchases pianos from a large manufacturer for an average cost of $$1,490$ per unit and then sells them to retail customers for an average price of $$3,400$ each. The company's selling and administrative costs for a typical month are presented below:

$\backslash$table$[[$Costs$,$Cost Formula$],[$Selling:$,$$$945$ per month$],[$Advertising$,$$$4,801$ per month, plus $4\%$ of sales$],[$Sales salaries and commissions,$$57$ per piano sold$],[$Delivery of pianos to customers,$$633$ per month$],[$Utilities$,$$$4,928$ per month$],[$Depreciation of sales facilities,$$13,550$ per month$],[$Administrative:$,$$$705$ per month$],[$Executive salaries,$$2,542$ per month, plus $$38$ per piano sold$],[$Insurance$,$$$851$ per month$]]$

During August, Marwick's Pianos, Incorporated, sold and delivered $56$ pianos.

Required:

Prepare a traditional format income statement for August.

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.

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