Problem 1-21 (Algo) Traditional and Contribution Format Income Statements (L01-6) Marwick's Planos, Incorporated, purchases planos from a large manufacturer for an average cost of $1,487 per unit and then sells them to retall customers for an average price of $2.500 each The company's selling and administrative costs for a typical month are presented below Cost Formula Costs Selling Advertising Sales salaries and commissions Delivery of plans to customers utilities Depreciation of sales facilities Asinistrative Executive salaries Insurance Clerical Depreciation of office equipment $ 963 per month $ 4,021 per month, plus 5% of sales $ 61 per piano sold $ 547 per month $ 5,226 per month $13.489 per month $ 718 per month $ 2,542 per month, plus 538 per piano sold $ 390 per month During August. Marwick's Pianos, Incorporated, sold and delivered 55 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 margin 3 Prepare a traditional format income statement for August ( Net operating should be entered negative Next > e BP 3 Total selling expenses Administrative expenses: 25 int Prin Total administrative expenses Total selling and administrative expenses