Marwick's Pianos, Incorporated, purchases pianos from a large manufacturer for an average cost of $1,502 per unit and then sells them to retail customers for an average price of $3,100 each. The company's selling and administrative costs for a typical month are presented below: During August, Marwick's Pianos, Incorporated, sold and delivered 62 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 Traditional Income Statement For the Month of August \begin{tabular}{|l|l|l|} \hline Sales & & \\ \hline Cost of goods sold & & \\ \hline Gross margin & & \\ \hline Selling and administrative expenses: & & \\ \hline Selling expenses: & & \\ \hline Advertising & & \\ \hline Sales salaries and commissions & & \\ \hline Delivery of pianos & & \\ \hline Utilities & & \\ \hline Depreciation of sales facilities & & \\ \hline & & \\ \hline Total selling and administrative expenses & & \\ \hline Tdministrative expenses: & & \\ \hline Executive salaries & & \\ \hline \hline Insurance & & \\ \hline Clerical & & \\ \hline \hline Depreciation of office equipment & & \\ \hline \hline \end{tabular} Contribution Format Income Statement \begin{tabular}{|l|l|l|l|} \hline Total fixed expenses & & & \\ \hline & & & \\ \hline \end{tabular}