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 $1,506 per unit and then sells them to retail customers for an average price of $3,200 each. The company's selling and administrative costs for a typical month are presented below: During August, Marwick's Pianos, Incorporated, sold and delivered 64 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. Prepare a traditional format income statement for August. (A "Net operating loss" should be entered as a negative number.) Prepare a traditional format income statement for August. (A "Net operating loss" should be entered as a negative number.) \begin{tabular}{|l|r|r|} \hline \multicolumn{2}{|c|}{ For the Month of August } & 204,800 \\ \hline Sales & & 96,384 \\ \hline Cost of goods sold & & 108,416 \\ \hline Gross margin & & \\ \hline Selling and administrative expenses: & & \\ \hline Selling expenses: & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline Total administrative expenses & & \\ \hline Notal selling and administrative expenses & & \\ \hline Administrative expenses: & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline & & \\ \hline \end{tabular} 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. (A "Net operatina loss" shnuld he entered as a negative number.) Required 1