Marwick's Planos, Incorporated, purchases pianos from a large manufacturer for an average cost of $1,514 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: Costs Cost Formula Selling Advertising $ 959 per month Sales salaries and commissions $4,794 per month, plus 5t of sales Delivery of pianos to customers $ 58 per piano sold Utilities 5 667 per month Depreciation of sales facilities $ 4,934 per month Administratives Executive salaries $ 13,499 per month Insurance $ 684 per month Clerical $ 2,529 per month, plus $36 per piano bold Depreciation of office equipment $385 per month During August, Marwick's Pianos, Incorporated, sold and delivered 61 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 Marwick's Pianos, Incorporated Traditional Income Statement For the Month of August Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Advertising Sales salaries and commissions Delivery of pianos Utilities Depreciation of sales facilities Total selling expenses Administrative expenses. Executive salaries Insurance Clerical Depreciation of office equipment 0 Total administrative expenses Total selling and administrative expenses Net operating income 0 w 2 of 3