Problem 1-21 (Algo) Traditional and Contribution Format Income Statements [LO1-6] Marwicks Pianos, Incorporated, purchases pianos from a large manufacturer for an average cost of $1,517 per unit and then sells them to retail customers for an average price of $2,600 each. The companys selling and administrative costs for a typical month are presented below: Costs Cost Formula Selling: Advertising $ 939 per month Sales salaries and commissions $ 4,779 per month, plus 4% of sales Delivery of pianos to customers $ 58 per piano sold Utilities $ 642 per month Depreciation of sales facilities $ 4,947 per month Administrative: Executive salaries $ 13,567 per month Insurance $ 712 per month Clerical $ 2,512 per month, plus $41 per piano sold Depreciation of office equipment $ 946 per month During August, Marwicks 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. Complete this question by entering your answers in the tabs below. Required 1Required 2 Prepare a traditional format income statement for August. (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: Total administrative expenses Total selling and administrative expenses