Marwick's Planos, Incorporated, purchases pianos from a large manufacturer for an average cost of $2,450 per unit and then sells them to retail customers for an average price of $3,125 each. The company's selling and administrative costs for a typical month are presented below: Cont Selling: Advertising Bales salaries and commissions Delivery of pianos to customers Utilities Depreciation of sales facilities Administratives Executive salaries) Insurance Clerical Depreciation of office equipment Cost Formula $700 per month $950 per month, plus as of sales $30 per piano sold $350 per month 5000 per month $2,500 per month $400 per month $1,000 per month, plus $ 20 per piano sold $300 per month, During August, Marwick's Pianos, Incorporated, sold and delivered 40 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. Marwick's Pianos, Incorporated: Required 1 Required 2 Prepare a traditional format income statement for August. Marwick's Pianos, Incorporated Traditional Income Statement For the Month of August Selling and administrative expenses: Selling expenses: Total selling expenses Administrative expenses: 0 Selling expenses: Total selling expenses Administrative expenses: Total administrative expenses Total selling and administrative expenses 0 0 0 Required 1 Required 2 > 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. Marwick's Pianos, Incorporated Contribution Format Income Statement For the Month of August Variable expenses: Total variable expenses Contribution margin Fixed expenses: Total: Per Plano 0 0 Total variable expenses Contribution margin Fixed expenses: Total fixed expenses 0 0 < Required 1 Required 2 >