Marwick's Planos, Incorporated, purchases planos from a manufacturer for an average cost of $1,504 per unit and then sells them to retall customers for an average price of $3,000 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 Lo customers Utilities Depreciation of sales facilities Administrative: Executive salaries Insurance Clerical Depreciation of office equipment Cost Formula $948 per month $4,806 per month, plus 5% of sales $58 per piano sold $664 per month $5,043 per month $13,568 per month $713 per month $2,527 per month, plus $40 per piano sold $931 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional format income statement for August. Note: A "Net operating loss" should be entered as a negative number. Sales Cost of goods sold Gross margin Marwick's Pianos, Incorporated Traditional Income Statement For the Month of August Seling 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 Total administrative expenses Total selling and administrative expenses Net operating income 0 0 0