Marwicks Pianos, Incorporated, purchases pianos from a large manufacturer for an average cost of $1,507 per unit and then sells them to retail customers for an average price of $3,100 each. The companys selling and administrative costs for a typical month are presented below:

Costs	Cost Formula
Selling:
Advertising	$ 954	per month
Sales salaries and commissions	$ 4,810	per month, plus 6% of sales
Delivery of pianos to customers	$ 57	per piano sold
Utilities	$ 659	per month
Depreciation of sales facilities	$ 4,954	per month
Administrative:
Executive salaries	$ 13,508	per month
Insurance	$ 690	per month
Clerical	$ 2,490	per month, plus $37 per piano sold
Depreciation of office equipment	$ 944	per month

During August, Marwicks Pianos, Incorporated, sold and delivered 59 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.

Required 1 Required 2 Prepare a traditional format income statement for August. (A "Net operating loss" should be entered as a negative number.) \begin{tabular}{|c|c|} \hline \multicolumn{2}{|c|}{ Marwick's Pianos, Incorporated } \\ \hline \multicolumn{2}{|c|}{ Traditional Income Statement } \\ \hline \multicolumn{2}{|c|}{ For the Month of August } \\ \hline \end{tabular}