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please help, i appreciate it! thank you Problem 1-21 Traditional and Contribution Format Income Statements [LO1.6] Marwick's Pianos, Inc., purchases pianos from a large manufacturer

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Problem 1-21 Traditional and Contribution Format Income Statements [LO1.6] Marwick's Pianos, Inc., purchases pianos from a large manufacturer for an average cost of $1,494 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, Inc, sold and dellivered 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. Complete this question by entering your answers in the tabs below. Prepare a braditional format income statement for August, (A "Net operating loss" should be entered as a negative number.) \begin{tabular}{|l|l|l|} \hline \multicolumn{2}{|c|}{ Contribution Format Income Statement } \\ \hline \multicolumn{2}{|c|}{ For the Month of August } & \\ \hline Sales & & \\ \hline Variable expenses: & & \\ \hline Purchases & & \\ \hline Sales salaries and commissions & & \\ \hline Delivery of pianos & & \\ \hline Clerical & & \\ \hline & & \\ \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 Executive salaries & & \\ \hline Insurance & & \\ \hline Clerical & & \\ \hline Depreciation of office equipment & & \\ \hline & & \\ \hline Total fixed expenses & & \\ \hline Net operating income & & \\ \hline \end{tabular}

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