Marwick's Pianos, Incorporated, purchases planos from a large manufacturer for an average cost of $1,496 per unit and then sells them to retail customers for an average price of $2,400 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 During August, Marwick's Pianos, Incorporated, sold and delivered 59 planos. Cost Formula $958 per month $4,781 per month, plus 5% of sales $60 per piano sold $640 per month $4,937 per month 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 $13,481 per month $699 per month $2,469 per month, plus $44 per piano sold $867 per month Complete this question by entering your answers in the tabs below. Selling and administrative expenses: Prepare a traditional format income statement for August. (A "Net operating loss" should be entered as a negative number.) Marwick's Pianos, Incorporated Traditional Income Statement For the Month of August

Marwick's Pianos, Incorporated, purchases pianos from a large manufacturer for an average cost of $1,496 per unit and then sells them to retail customers for an average price of $2,400 each. The company's seling and administrative costs for a typical month are presented below: During August, Marwick's 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. Complete this question by entering your answers in the tabs below. Pregare a tradibional format income statement for August. (A "Net operating loss" should be entered as a negative number.) 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. (A "Net operating loss" should be entered as a negative number.) Prepare a traditional format income statement for August. (A "Net operating loss" should be entered as a negative number))