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Please help fill in the blue blank boxes so far I chose the correct terms, please explain and show how to find the numbers and
Please help fill in the blue blank boxes so far I chose the correct terms, please explain and show how to find the numbers and what it is asking for? Thank you
Marwick's Pianos, Incorporated, purchases pianos from a large manufacturer for an average cost of $1,505 per unit and then sells them to retail customers for an average price of $2,300 each. The company's selling and administrative costs for a typical month are presented below: During August, Marwick's Pianos, Incorporated, sold and delivered 58 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. \begin{tabular}{|l|l|l|} \hline \multicolumn{1}{|c|}{ Marwick's Pianos, Incorporated } \\ \hline \multicolumn{1}{|c|}{ Traditional Income Statement } \\ \hline Sales & & \\ \hline Cost of goods sold & & \\ \hline Gross margin & & \\ \hline Selling and administrative expenses: & & \\ \hline Selling expenses: & & \\ \hline Advertising & & \\ \hline Sales salaries and commissions & & \\ \hline \hline Delivery of pianos & & \\ \hline Utilities & & \\ \hline Depreciation of sales facilities & & \\ \hline \hline \end{tabular} Marwick's Pianos, Incorporated \begin{tabular}{|l|r|r|} \hline \multicolumn{1}{|c|}{ Contribution Format Income Statement } \\ \hline For the Month of August & & Potal Piano \\ \hline Sales & & \\ \hline Variable expenses: & & \\ \hline Cost of goods sold & & \\ \hline Sales salaries and commissions & & \\ \hline Delivery of pianos & & \\ \hline Clerical & & \\ \hline & & \\ \hline Total variable expenses & & \\ \hline Contribution margin & & \\ \hline Fixed expenses: & & \\ \hline Advertising & & \\ \hline Sales salaries and commissions & & \\ \hline Utilities & & \\ \hline Depreciation of sales facilities & \\ \hline \hline Executive salaries & & \\ \hline \hline Insurance & & \\ \hline \hline Clerical & & \\ \hline \hline \end{tabular}Step by Step Solution
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