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Problem 1-21(Algo) Traditional and Contribution Format Income Statements [LO1-6] Marwick's Pianos, Incorporated, purchases...

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Accounting

Problem 1-21(Algo) Traditional and Contribution Format Income Statements [LO1-6]
Marwick's Pianos, Incorporated, purchases pianos from a manufacturer for an average cost of $1,506 per unit and then sells them to
retail customers for an average price of $3,000 each. The company's selling and administrative costs for a typical month are presented
below:
During August, Marwick's Pianos, Incorporated, sold and delivered 55 pianos.
Required:
Prepare a traditional format income statement for August.
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.
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.
Note: A "Net operating loss" should be entered as a negative number.
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