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 $1,511 per unit and then sells them to retail customers for an average price of $2.400 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 $ 931 per month $ 4,813 per month, plus 6% of sales $59 per piano sold $ 645 per month $ 5,071 per month $ 13,481 per month $697 per month $ 2,528 per month, plus $36 per piano sold $ 870 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.