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 $1,517 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 Cost Formula Selling: Advertising $ 961 per month Sales salaries and commissions $ 4,776 per month, plus 4% of sales Delivery of pianos to customers $ 60 per piano sold Utilities $ 669 per month Depreciation of sales facilities $ 5, 050 per month Administrative: Executive salaries $ 13,515 per month Insurance $ 684 per month Clerical $ 2,506 per month, plus $38 per piano sold Depreciation of office equipment $ 920 per month During August, Marwick's Pianos, Incorporated, sold and delivered 65 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.)