Problem 1-21 (Algo) Traditional and Contribution Format Income Statements (L01-6] Marwick's Pianos, Incorporated, purchases pianos from a large manufacturer for an average cost of $1.486 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 Costs Cost Formula Selling: Advertising 5964 per month Sales salaries and comissions 54,810 per month, plus 3 of Sales Delivery of pianos to customers $60 per piano sold Utilities $667 per month Depreciation of sales facilities 55.00 per month Administrative Executive salaries $13,410 per month Insurance $703 per month Clerical $2,548 per month, plus S40 per piano sold Depreciation of office equipment 5917 per month During August. Marwick's Pianos, incorporated, sold and delivered 59 planos 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 margir Complete this question by entering your answers in the tabs below. Required 1 Required 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. (At operating loss should be entered as a negative number Marwick's Pianos Incorporated Contribution Format Income Statement For the Month of Art Required 1 Required 2 Prepare a traditional format income statement for August. (A "Net operating foss" should be entered as a negative number) Marwick's Pianos, Incorporated Traditional Income Statement For the Month of August Selling and administrative expenses Selling expenses es 0 Total selling expenses Administrative expenses 0 Total administrative expenses Totalling and intrative expenses MC Graw