s Pianos, Inc., purchases pianos from a large manufacturer and sells them at the retail level. The pianos cost, on the average, $1,518 each from the manufacturer. Marwick's Pianos, Inc., sells the pianos to its customers at an average price of $3,300 each. The selling and administrative costs that the company incurs in a typical month are presented below Costs Selling Cost Formula Advertising Sales salaries and commissions Delivery of pianos to customers Utilities Depreciation of sales facilities $958 per month 4.823 per month, plus 4% of sales $59 per piano sold $636 per month $5,046 per month Administrative $13,414 per month Executive salaries Insurance Clerical Depreciation of office equipment per month 52,547 per month, plus $41 per piano sold $890 per month During August, Marwick's Pianos, Inc., sold and delivered 56 planos Required: 1. Prepare an income statement for Marwick's Pianos, Inc, for August. Use the traditional format, with costs organized by function. (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