Per Piano Marwick's Pianos, Incorporated Contribution Format Income Statement For the Month of August Total Sales Variable expenses: Sales salaries and commissions Delivery of pianos Clerical Cost of goods sold 0 es Total variable expenses Contribution margin Fixed expenses: Advertising Sales salaries and commissions Utilities Depreciation of sales facilities Depreciation of office equipment Executive salaries Insurance Clerical 0 Total fixed expenses Net operating income Prey 1 of 1 Traditional Income Statement For the Month of August Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses: Advertising Sales salaries and commissions Delivery of pianos Utilities Depreciation of sales facilities es Total selling expenses Administrative expenses: Executive salaries Insurance + Clerical Depreciation of office equipment Total administrative expenses 0 Total selling and administrative expenses O Net operating income Marwick's Pianos, Incorporated, purchases planos from a large manufacturer for an average cost of $1,504 per unit and then sells them to retall customers for an average price of $3,100 each. The company's selling and administrative costs for a typical month are presented below: Cost Formula Costa Selling: Advertising Sales salaries and commissions Delivery of planon to customers Utilities Depreciation of sales facilities Administrative Executive salaries Insurance clerical Depreciation of office equipment 5960 per month $4,814 per month, plus 68 of sales $63 per piano sold $663 per month $4,983 per month $13,504 per month $681 per month $2,460 per month, plus $40 per piano sold 5853 per month During August, Marwick's Planos, Incorporated, sold and delivered 59 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