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Marwick's Planos, Inc., purchases pianos from a large manufacturer for an average cost of $1,509 per unit and then sells them to retail customers for

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Marwick's Planos, Inc., purchases pianos from a large manufacturer for an average cost of $1,509 per unit and then sells them to retail customers for an average price of $2,200 each. The company's selling and administrative costs for a typical month are presented below: Cost Selling: Advertising sales salaries and commissions Delivery of pianos to customers Utilities Depreciation of salen facilities Administrative: Executive salarios Insurance clerical Depreciation of office equipment Cost Formula $955 per month $4,805 per month, plus 41 of sales $61 per piano sold $659 per month $5,067 per month $13, 475 per month $699 per month $1,505 per month, plus $45 per piano sola $874 per month During August, Marwick's Pianos, Inc., sold and delivered 64 planos 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 traditional format Income statement for August. (A "Net operating loss" should be entered as a negative number) Marwick's Pianos, Inc. Traditional income Statement Prepare a traditional format income statement for August. (A "Net operating loss should be entered as a negative number.) Marwick's Planos, Inc. Traditional Income Statement For the Month of August + Selling and administrative expenses Selling expenses nces 0 Total selling expenses Administrative expenses 0 Total administrative expenses Total selling and administrative expenses 0 Contribution Format Income Statement For the Month of August Total Per Piano Variable expenses: Total variable expenses 0 0 Contribution margin Fixed expenses: Total fixed expenses 0

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