Problem 1-21 (Algo) Traditional and Contribution Format Income Statements [LO1-6] Marwick's Pianos, Incorporated, purchases pianos from a large manufacturer for an average cost of $1,499 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 $938 per month $4,827 per month, plus 5% of sales $ 58 per piano sold $ 640 per month $ 5,025 per month $13, 441 per month $705 per month $ 2,465 per month, plus $45 per piano sold $927 per month During August, Marwick's Pianos, Incorporated, sold and delivered 60 pianos. 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.