Problem 1-21 (Algo) Traditional and Contribution Format Income Statements [LO1-6] Marwick's Pianos, Incorporated, purchases planos from a large manufacturer for an average cost of $1,514 per unit and then sells them to retail customers for an average price of $2,800 each. The company's selling and administrative costs for a typical month are presented below: Costs Selling: Advertising Sales salaries and commissions Delivery of pianos to customers Utilities Depreciation of sales facilities t Administrative: Executive salaries Insurance Clerical Depreciation of office equipment Cost Formula $954 per month $4,802 per month, plus 4% of sales: $58 per piano sold $663 per month $4,917 per month $13,599 per month $708 per month $2,451 per month, plus $42 per piano sold. $878 per month During August, Marwick's Pianos, Incorporated, sold and delivered 57 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. Complete this question by entering your answers in the tabs below. Required 11 Required 2 Required 1 Required 2 your answers in the tabs below. Prepare a traditional format income statement for August. Note: A "Net operating loss" 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: Total selling expenses. Administrative expenses: 0