Problem $1-21($Algo$)$ Traditional and Contribution Format Income Statements $[$LO$1-6]$

Marwick's Pianos, Incorporated, purchases pianos from a manufacturer for an average cost of $$1,484$ per unit and then sells them to

retail customers for an average price of $$2,600$ each. The company's selling and administrative costs for a typical month are presented

below:

During August, Marwick's Pianos, Incorporated, sold and delivered $60$ pianos.

Required:

Prepare a traditional format income statement for August.

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.