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 $1,490 per unit and then sells them to retail customers for an average price of $3,100 each. The company's selling and administrative costs for a typical month are presented below: Costs Cost Formula Selling: Advertising $939 per month Sales salaries and commissions $4,818 per month, plus 51 of sales Delivery of pianos to customers $57 per piano sold Utilities $646 per month Depreciation of sales facilities $5,072 per month Administrative: Executive salaries $13,475 per month Insurance $689 per month Clerical $2,463 per month, plus $44 per piano sold Depreciation of office equipment 898 per month During August, Marwick's Pianos, Inc., sold and delivered 63 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.