Question Three: (10 points) Mai has a company that manufactures bags. The bag cost, on average, $200 each from the manufacturer. Mai's Bags, Inc., sells the bags to its customers at an average price of $300 each. The selling and administrative costs that the company incurs in a typical month are presented below: Costs Cost Formula Selling: Adverting $700 per month Sales salaries and commissions $950 per month, plus 8% of sales Delivery of pianos to customers $30 per piano sold Utilities $350 per month Depreciation of sales facilities $800 per month Administrative: Executive Salaries $2,500 per month Insurance $400 per month Clerical S1000 per month, plus S20 per piano sold Depreciation of office equipment $300 per month During August, Mai's Bags, Inc., sold and delivers 500 pianos. Required: 1. Prepare an income statement for Mai's Bags, Inc., for August, use the traditional format. 2. Redo (1) above, this time using the contribution format. and Dale (10