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 $1,487 per unit and then sells them to retail customers for an average price of $2,500 each. The company's selling and administrative costs for a typical month are presented below: Corte Seling Sales and common Delivery of poeto come Depreciation of sales facilities Administrative Encuestas Ince Carica Depreciation of otce equipment Adrian U Cost Formula 500 per month $421 per month, plus 561 per panel 5647 per mon $6,026 per month $13.480 per month 5 718 per mon $2542 per monts, plus 558 per piano sold 5698 per month During August, Marwick's Pianos, Incorporated, sold and delivered 55 planos 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 2 Prepare a traditional format income statement for August. (A "Net operating loss" should be entered as a negative number.) Marwick's Planes, incorporated Traditional income statement For the Month of August Seling and we Soling expenses O Total ng per Mompenses O mwen Totaling and