Marwick's Pianos, Incorporated, purchases pianos from a manufacturer for an average cost of $1,512 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: 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 Cost Formula $954 per month $4,784 per month, plus 3% of sales $62 per piano sold $644 per month $4,946 per month $13,528 per month $720 per month $2,487 per month, plus $43 per piano sold $906 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 contribution format income statement for August. Show costs and revenues on both a total and a per-unit basis down through contribution margin. Note: A "Net operating loss" should be entered as a negative number. Marwick's Pianos, Incorporated Contribution Format Income Statement For the Month of August Sales Variable expenses: Sales salaries and commissions Delivery of pianos Clerical Cost of goods sold Total variable expenses Contribution margin Fixed expenses: Total Per Piano $ 152,500 $ 2,500 4,575 75 3,782 62 2,487 43 92,232 1,512 103,076 $ 49,424 $ 1,692 810 Advertising 954 Sales salaries and commissions 4,784 Utilities 644 Depreciation of office equipment 906 Depreciation of sales facilities 4,946 Executive salaries 13,528 Insurance Clerical 720 5,110 Total fixed expenses 31,592 Net operating income $ 17,832