marwick's pianos purchase

value 0.70 points Marwicks Pianos, Inc., purchases pianos from a large manufacturer and sells them at the retaillevel The pianos cost, on the average, $1,516 each from the manufacturer. Marwick's Pianos, Inc., sells the pianos to its customers at an average price of $3,400 each. The seling and administrative costs that the company incurs in a typical month are presented below: costs Cost Formula Selling Advertising $938 per month Sales salaries and commissions $4,818 per month, plus 4% of sales Delivery of pianos to customers $62 per piano sold Utilities $640 per month Depreciation of sales facilities $4,937 per month Administrative $13,495 per month Executive salaries Insurance Depreciation of office equipment $713 per month per month, plus s37 per piano sold $901 per month During August, Marwick s Pianos, Inc., sold and delivered 56 pianos Required 1. Prepare an income statement for Marwick's Pianos, Inc., for August. Use the traditional format, with costs organized by function. (A "Net operating loss" should be entered as a negative number.) Marwick's Pianos, Inc