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Need traditional income statement. Marwick's Pianos, Inc., purchases planos from a large manufacturer for an average cost of $1,505 per unit and then sells them
Need traditional income statement.
Marwick's Pianos, Inc., purchases planos from a large manufacturer for an average cost of $1,505 per unit and then sells them to retail customers for an average price of $3,400 each. The company's selling and administrative costs for a typical month are presented below Cost Formula Song Advertising $950 per month Sales salaries and commissions 54,820 per month, plus 6% of sales Delivery of plans to customers $81 per piano sold Us 5667 per month Depreciation of sales facilites $5,009 per month Administrative Executive salaries $13.496 per month Insurance $700 per month Clerical $2,507 per month, plus $42 per piano sold Depreciation of office equipment $905 per month During August, Marwick's Pianos, Inc., sold and delivered 61 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. 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, Inc. Traditional Income Statement For the Month of August Seling and administrative expenses Selling expenses Total selling expenses Administrative expenses Total administrative expenses Total selling and administrative expenses Step by Step Solution
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