& total administrative expenses

5.00 points Marwick's Pianos, Inc., purchases pianos from a large manufacturer and sells them at the retail level. The pianos cost, on the average, $1,484 each from the manufacturer. Marwick's Pianos, Inc., seils the pianos to its customers at an average price of $2,400 each The selling and administrative costs that the company incurs in a typic al month are presented below. Costs Selling Cost Formula Advertising Sales salarnies and commissions Delivery of pianos to customers Utilities Depreciation of sales fac ilities $933 per month $4 771 per month plus 4% of sales $0 per piano sold $647 per month $4,972 per month Executive salaries Insurance Cleric al Depreciation of office equipment $13,462 per month $704 per month 2.490 per month, plus $44 per piano sold $903 per month During August, Marwick's Pianos, Inc. sold and delivered 63 pianos 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 Seling and administrative expenses