Marwick's Pianos, Incorporated, purchases planos from a large manufacturer for an average cost of $1,489 per...

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Marwick's Pianos, Incorporated, purchases planos from a large manufacturer for an average cost of $1,489 per unit and then sells them to retail customers for an average price of $2,700 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 $ 934 per month $ 4,821 per month, plus 6% of sales $ 61 per piano sold $ 637 per month $ 4,960 per month $ 13,553 per month $ 698 per month $ 2,485 per month, plus $35 per piano sold $ 931 per month 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 through contribution margin. Marwick's Pianos, Incorporated, purchases planos from a large manufacturer for an average cost of $1,489 per unit and then sells them to retail customers for an average price of $2,700 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 $ 934 per month $ 4,821 per month, plus 6% of sales $ 61 per piano sold $ 637 per month $ 4,960 per month $ 13,553 per month $ 698 per month $ 2,485 per month, plus $35 per piano sold $ 931 per month 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 through contribution margin.