Problem 1-21 Traditional and Contribution Format Income Statements (LO1-6) 1.25 points Marwick's Pianos, Inc., purchases pianos from a large manufacturer for an average cost of $1,507 per unit and then sells them to retail customers for an average price of $2,200 each. The company's selling and administrative costs for a typical month are presented below: eBook Print Costs Cost Formula Selling: Advertising $953 per month Sales salaries and commissions $4,798 per month, plus 5% of sales Delivery of pianos to customers $62 per piano sold Utilities $661 per month Depreciation of sales facilities $5,052 per month Administrative: Executive salaries $13,453 per month Insurance $690 per month Clerical 62,525 per month, plus $41 per piano sold Depreciation of office $864 per month equipment Reference During August, Marwick's Pianos, Inc., sold and delivered 56 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.) Marwick's Pianos, Inc. Traditional Income Statement For the Month of August Selling and administrative expenses: Selling expenses: UUilyruyusu, IVIUI VICN31IUHUU, HILE, JUU UUUCIVICU JU PUTIUS. 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. 1.25 points Complete this question by entering your answers in the tabs below. eBook Required 1 Required 2 Print Prepare a traditional format income statement for August. (A "Net operating loss" should be entered as a negative number.) Reference Marwick's Pianos, Inc. Traditional Income Statement For the Month of August Selling and administrative expenses: Selling expenses: Total selling expenses Administrative expenses: Total administrative expenses Total selling and administrative expenses During August, Marwick's Pianos, Inc., sold and delivered 56 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. 1.25 points Complete this question by entering your answers in the tabs below. eBook Required 1 Required 2 Print 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.) Reference Marwick's Pianos, Inc. Contribution Format Income Statement For the Month of August Per Total Piano Variable expenses: Total variable expenses Contribution margin Fixed expenses: Total fixed expenses