Per Piano Marwick's Pianos, Inc. Contribution Format Income Statement For the Month of August Total Sales $ 192,000 Variable expenses: Cost of goods sold Sales salaries and commissions Delivery of pianos 3,660 Clerical 3,660 0 Total variable expenses Contribution margin Fixed expenses: Advertising Sales salaries and commissions Utilities Depreciation of office equipment Depreciation of sales facilities Executive salaries Insurance Clerical 0 Total fixed expenses Net operating income Marwick's Planos, Inc. purchases planos from a large manufacturer for an average cost of $1,503 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 $961 per month $4,821 per month, plus 5% of sales 561 per piano sold 5669 per month $4,914 per month $13,418 per month $715 per month $2,539 per month, plus $37 per piano sold $916 per month During August, Marwick's Pianos, Inc. sold and delivered 60 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