Marwick's Pianos, Incorporated, purchases pianos from a large manufacturer for an average cost of $2.450 per unit and then sells them to retail customers for an average price of $3,125 each. The company's selling and administrative costs for a typical month are presented below: pped Ook Costs Cost Formula Selling: Advertising $700 per month Sales salaries and commissions $950 per month, plus 81 of sales Delivery of pianos to customers $30 per piano sold Utilities $350 per month Depreciation of sales facilities $800 per month Administrative Executive salarien $2,500 per month Insurance $400 per month Clerical $1,000 per month, plus 5 20 per piano sold Depreciation of office equipment $300 per month During August, Marwick's Planos, Incorporated, sold and delivered 40 planos int rences 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 ond o 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 Proy 1 of 1 !!! Next inrough 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. Marwick's Pianos, Incorporated Traditional Income Statement For the Month of August les Selling and administrative expenses: Selling expenses: 0 Total selling expenses Administrative expenses: 3