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Classic Pianos, Inc., purchases pianos from a well-known manufacturer and resells them at its Needed information for this lab assignment is given below. CLASSIC PIANOS, INC. Average sales price of each piano Number of pianos sold and delivered in May $ 4,100 40 Costs Cost Formula Average cost of each piano (cost of goods sold) $ 2,600 per piano Selling: Advertising Delivery of pianos Sales salaries and commissions Utilities Depreciation of sales facilities mini $ 1,000 per month $ 80 per piano sold $ 5,000 per month plus 5% of sales dollars $ 650 per month $ 5,000 per month Administrative: Executive salaries Depreciation of office equipment Clerical Insurance $ 13,500 per month $ 900 per month $ 2,500 per month plus $25 per piano sold $ 700 per month AD 8 9 In this lab you analyze the costs of a piano retailer. Using the given data, prepare a 10 traditional income statement for May and a contribution format income statement for May. 164,000 104,000 60,000 CLASSIC PIANOS, INC. Traditional Income Statement For the Month Ended May 31 Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses: Advertising 1,000 Delivery of pianos 3,200 Sales salaries & commissions Utilities Depreciation of sales facilities Total selling expenses Administrative expenses: Executive salaries um Depreciation of office equipment Clerical Insurance Total administrative expenses Total selling and administrative expenses Net operating income c0 O CLASSIC PIANOS, INC. Contribution Format Income Statement For the Month Ended May 31 Total Per Piano ? Sales Variable expenses: Cost of goods sold Delivery of pianos Sales commissions Clerical Total variable expenses Contribution margin Fixed expenses Advertising Sales salaries Utilities Depreciation of sales facilities Executive salaries Depreciation of office equipment Clerical Insurance Total fixed expenses Net operating income