Problem 1-21 Traditional and Contribution Format Income Statements (LO1-6) Marwick's Planos, Inc., purchases planos 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 $2,600 each. The company's selling and administrative costs for a typical month are presented below: Cast Formula selling Advertising Sales salaries and commissions of sales $942 per month $4,811 per month, plus 6 $59 per piano sold $632 per month $5,064 per month Depreciation of sales facilities Administrative $13,479 per month $684 per month $2,534 per month, plus $45 per piano sold $950 per month Depreciation of office equipment During August, Marwick's Planos, Inc., sold and delivered 57 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 1 Required 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. (A "Net operating loss" should be entered as a negative number.) Marwick's Pianos, Inc. Contribution Format Income Statement For the Month of August Total Sales Variable expenses: Per Piano Total variable expenses Contribution margin Faced expenses: Total fixed expenses