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 $1,497 per unit and then sells them to retail customers for an average price of $3,000 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 $ 955 per month $ 4,796 per month, plus 6% of sales $ 57 per piano sold $ 639 per month $ 5,018 per month $ 13,535 per month $ 699 per month $ 2,539 per month, plus $38 per piano sold $ 934 per month During August, Marwick's Pianos, Incorporated, sold and delivered 61 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 1 Required 2 Prepare a traditional format income statement for August. (A "Net operating loss" should be entered as a negative number.) Marwick's Planos, Incorporated Traditional Income Statement For the Month of August Depreciation of sales facilities Direct labor Direct materials Ending merchandise inventory Executive salaries Total selling expenses Administrative expenses: Total administrative expenses Total selling and administrative expenses 0 0