Marwick's Planos, Incorporated, purchases planos from a large manufacturer for an average cost of $1,495 per unit and then sells them to retail customers for an average price of $2,100 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 Cost Formula $947 per month $4,775 per month, plus 5% of sales $61 per piano sold $632 per month $5,054 per month $13,465 per month $681 per month $2,520 per month, plus $40 per piano sold $945 per month During August, Marwick's Planos, Incorporated, sold and delivered 59 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, Incorporated Traditional Income Statement For the Month of August Selling and administrative expenses: Selling expenses: Total selling expenses Administrative expenses: Total administrative expenses Total selling and administrative expenses 0 0