Transcribed image text: 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 $1,492 per unit and then sells them to customers for an average price of $2,100 each. The company's selling and administrative costs for a typical month are presented below: Cost Formula Costs Selling: Advertising Sales salaries and commissions Delivery of pianos to customers Utilities Depreciation of sales facilities Administrativet Executive salaries Insurance clerical Depreciation of office equipment $952 per month $4,771 per month, plus 48 of sales $58 per piano sold $654 per month $4,912 per month $13,546 per month $720 per month $2,481 per month, plus $40 per piano sold $910 per month During August, Marwick's Planos, Inc., sold and delivered 59 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. Required 1 Required 2 Prepare a traditional format income statement for August. (A "Net operating loss should be entered as a negative number.) Marwick's Planos, Ine.