Problem 1-21 Traditional and Contribution Format Income Statements (LO1-6) Marwick's Pianos, Inc., purchases pianos from a large manufacturer for an average cost of $1,518 per unit and then sells them to retail customers for an average price of $2,800 each. The company's selling and administrative costs for a typical month are presented below: Costs Cost Formula Selling: Advertising $945 per month Sales salaries and commissions $4,808 per month, plus 6% of sales Delivery of pianos to customers $62 per piano sold Utilities $633 per month Depreciation of sales facilities $5,062 per month Administrative: Executive salaries $13,446 per month Insurance $697 per month Clerical 2,522 per month, plus $38 per piano sold Depreciation of office equipment $879 per month During August, Marwick's Pianos, Inc., 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. Required Required 1 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: 0 Total selling expenses Administrative expenses: 0 Total administrative expenses Total selling and administrative expenses 0 Complete this question by entering your answers in the tabs below. Required Required 1 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.) Show less Marwick's Pianos, Inc. Contribution Format Income Statement For the Month of August Per Total Piano Variable expenses: 0 0 Total variable expenses Contribution margin Fixed expenses: Total fixed expenses 0