Problem 1-21 (Algo) Traditional and Contribution Format Income Statements [LO1-6] Marwick's Planos, Incorporated, purchases planos from a large manufacturer for an average cost of $1,487 per unit and then sells them to retail customers for an average price of $2,100 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 Administrative: Executive salaries Insurance Clerical Depreciation of office equipment Cost Formula $941 per month $4,820 per month, plus 1% of sales $63 per piano sold $667 per month $5,049 per month $13,441 per month $709 per month sales $2,503 per month, plus $36 per piano sold $911 per month During August, Marwick's Planos, Incorporated, sold and delivered 62 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.