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Marwick's Pianos, Incorporated Traditional Income Statement For the Month of August Selling and administrative expenses: Selling expenses: Total selling expenses Administrative expenses: Total administrative expenses Marwick's Pianos, Incorporated, purchases planos from a large manufacturer for an average cost of $1.510 per unit and then sells them to retall customers for an average price of $2,500 each. The company's selling and administrative costs for a typical month are presented below: Costs Cost Formula Selling: Advertising $ 962 per month Sales salaries and commissions $ 4,814 per month, plus 38 of sales Delivery of pianos to customers $ 57 per piano sold Utilities $ 645 per month Depreciation of sales facilities $ 4,938 per month Administrative: Executive salaries $ 13,591 per month Insurance $ 710 per month clerical $ 2,482 per month, plus $41 per piano sold Depreciation of office equipment $ 860 per month During August, Marwick's Pianos, Incorporated, sold and delivered 55 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

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