Problem 1-21 lAlgo) Traditional and Contribution Format Income Statements [LCM-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 $2,900 each. The company's selling and administrative costs for a typical month are presented below: Costs Cost Formula Selling: Advertising 5 950 per month Sales salaries and commissions $ 4,?51 per month, plus 3% of sales Delivery of pianos to customers $ 59 per piano sold Utilities 5 6?0 per month Depreciation of sales facilities $ 5,013 per month Administrative: Executive salaries $ 13,533 per month Insurance 5 il per month Clerical $ 2,519 per month, plus $44 per piano sold Depreciation of office equipment 5 904 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. Showr costs and revenues on both a total and a per unit basis down through contribution margin. 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 operating loss" should be entered as a negative number.) Marwick's Pianos, Incorporated Contribution Format Income Statement For the Month of August Total Per Piano Variable expenses: Total variable expenses 0 Contribution margin Fixed expenses: Total fixed expenses 0Prepare a traditional format Inoome statement for August. {A \"Net operating loss" should be entered as a negative number.) _ Selling and administrative expenses: Selling expenses: H_ _ _ _ Total selling expenses I Administrative expenses: _ Total administrative expenses I Total selling and administrative expenses _