Marwick's Planos, Incorporated, purchases planos from a large manufacturer for an average cost of $1,490 per unit and then sells them to retail customers for an average price of $2,600 each. The company's selling and administrative costs for a typical month are presented below: Costs Cost Formula Selling: Advertising $952 per month Sales salaries and commissions 54,818 per month, plus 59 of sales Delivery of pianos to customers $60 per piano sold Utilities $660 per month Depreciation of sales facilities $5,040 per month Administrative: Executive salaries $13, 428 per month Insurance $687 per month Clerical $2,482 per month, plus $44 per piano sold Depreciation of office equipment $870 per month During August, Marwick's Planos, Incorporated, 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. Marwick's Pianos, Incorporated Traditional Income Statement For the Month of August Selling and administrative expenses: Selling expenses: Total selling expenses Administrative expenses: Total selling expenses Administrative expenses: Total administrative expenses Total selling and administrative expenses Required Marwick's Pianos, Incorporated Contribution Format Income Statement For the Month of August Total Per Piano Variable expenses: Total variable expenses Contribution margin Fixed expenses: Total variable expenses Contribution margin Fixed expenses: Total fixed expenses