Please use excel and show the formula!

Points Possible: 10 To receive full credit, you must use cell references (linking) when possible and use Excel formulas for all calculated amounts. Save your file with your name in the file name. Submit on Canvas. In this assignment you analyze the costs of a piano retailer. Using the given data, prepare a traditional income statement and a contribution format income statement for March. SONATA PIANOS, INC. Traditional Income Statement For the Month Ended March 31 Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses: Advertising Delivery of pianos Sales salaries & commissions Utilities Depreciation of sales facilities Total selling expenses Administrative expenses: Executive salaries Depreciation of office equipment Clerical Insurance Total administrative expenses Total selling and administrative expenses Net operating income SONATA PIANOS, INC. Contribution Format Income Statement For the Month Ended March 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 Given Data for Excel Lab 1 Sonata Pianos, Inc., purchases pianos from a well-known manufacturer and resells them at its retail store. Needed information for this assignment is given below. Note that Sales Salaries and Commissions and Clerical costs are mixed costs: they will be divided between the variable and fixed sections of the contribution format income statement. SONATA PIANOS, INC. Average sales price of each piano $ 5,000 Number of pianos sold and delivered in March 35 Costs Cost Formula Average cost of each piano (cost of goods sold) $ 3,200 per piano Selling: Advertising Delivery of pianos Sales salaries and commissions Utilities Depreciation of sales facilities Administrative: Executive salaries Depreciation of office equipment Clerical Insurance $ 1,000 per month $ 80 per piano sold $ 5,000 per month plus 5% of sales dollars $ 650 per month $ 5,000 per month $ 14,000 per month $ 900 per month $ 2,000 per month plus $25 per piano sold $ 700 per month