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 $1,483 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: Cost Formula 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 $961 per month $4,816 per month, plus 4% of sales $59 per piano sold $662 per month $5,050 per month $13,464 per month $688 per month $2,456 per month, plus $41 per piano sold $904 per month During August, Marwick's Pianos, Incorporated, sold and delivered 59 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 Required 1 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: 0 Total selling expenses Administrative expenses: Total administrative expenses 0