Problem 1-21 (Algo) Traditional and Contribution Format Income Statements (L01-6) Marwick's Pianos, Inc., purchases pianos from a large manufacturer for an average cost of $1,488 per unit and then sells them to retail customers for an average price of $3,200 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 pianos to customers Utilities Depreciation of sales facilities Administrative Executive salaries Insurance Clerieal Depreciation of office equipment $65 per month $4,811 per month, plus 68 of sales 561 per piano sold 9663 per month $5,050 per month $13,528 per month $717 per month 12,529 per month, plus $38 per piano sold $90 per month During August, Marwick's Planos, Inc., sold and delivered 56 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