Pianos, Inc., purchases pianos from a large manufacturer and sells them at the retail level. The pianos cost, on the average, $1,516 each from the manufacturer. Marwick's Pianos, Inc., sells the pianos to its customers at an average price of $3,400 each. The selling and administrative costs that the company incurs in a typical month are presented below Selling $940 per month $4,824 per month, plus 3% of sales Advertising Sales salaries and commissions Delivery of pianos to customers$63 per piano sold Utilities $664 per month $5,036 per month Depreciation of sales facilities Administrative: Executive salaries Insurance Clerical Depreciation of office equipment $13,559 per month $710 per month $2,544 per month, plus $39 per piano sold $914 per month During August, Marwick's Pianos, Inc., sold and delivered 62 pianos. Required: 1. Prepare an income statement for Marwick's Pianos, Inc., for August. Use the traditional format, with costs organized by function. (A "Net operating loss" should be entered as a negative number.) Marwick's Pianos, Inc. Traditional Income Statement For the Month of August Selling and administrative expenses: Selling expenses