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Marwick's Pianos, Inc., purchases pianos from a large manufacturer for an average cost of $1,509 per unit and then sells them to retail customers for an average price of $3,200 each. The company's selling and administrative costs for a typical month are presented below Cost Formula 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 $946 per month 54,780 per month, plus 4% of $58 per piano sold $642 per month $5,055 per month $13,591 per month $718 per month $2,544 per month, plus $41 per piano sold $900 per month During August, Marwick's Pianos, Inc., sold and delivered 64 pianos. 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. $ 204,800 96,576 108,224 Marwick's Pianos, Inc. Traditional Income Statement For the Month of August Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Advertising | $ 946 Sales salaries and commissions 12,972 Utilities 642 Depreciation of sales facilities 5,055 Delivery of pianos 3,712 23,327 Total selling expenses Administrative expenses: Insurance Executive salaries Depreciation of office equipment Clarina 718 13.591 903 1 Per Piano $ 3,200 Marwick's Pianos, Inc. Contribution Format Income Statement For the Month of August Total Sales $ 204,800 Variable expenses: Clerical s 2,624 Sales salaries and commissions 8,192 Delivery of pianos Cost of goods sold 41 . TI TITI . 10,816 Total variable expenses Contribution margin Fixed expenses: | Advertising Depreciation of sales facilities Utilities Executive salaries Insurance Cost of goods sold 10,816 41 Total variable expenses Contribution margin Fixed expenses Advertising Depreciation of sales facilities Utilities | Executive salaries Insurance Depreciation of office equipment Clerical Sales salaries and commissions Total fixed expenses Net operating income