Please answer both 1 and 2 of the question.

Marwick's Pianos, Inc., purchases pianos from a large manufacturer and sells them at the retail level. The pianos cost, on the average, S1,515 each from the manufacturer. Marwick's Pianos, Inc., sells the pianos to its customers at an average price of $3,200 each. The selling and administrative costs that the company incurs in a typical month are presented below: Cost Formula Selling Advertising Sales salaries and commissions Delivery of pianos to customers Utilities Depreciation of sales facilities S960 per month S4.788 per month, plus 3% of sales S60 per piano sold S630 per month $4,939 per month Administrative Executive salaries Insurance Clerical Depreciation of office equipment S13,404 per month S703 per month 52,487 per month, plus S36 per piano sold S931 per month During August, Marwick's Pianos, Inc., sold and delivered 56 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 Total selling expenses Administrative expenses Total administrative expenses Total selling and administrative expenses