1) prepare a traditional format income statement for august.

2) prepare a contribution format income statement format for august. show costs and revenues on both a total and a per unit basis down through contribution margin

Marwick's Pianos, Inc., purchases pianos from a large manufacturer for an average cost of $1,514 per unit and then sells them to retail customers for an average price of $2.400 each. The company's selling and administrative costs for a typical month are presented below. Costs Cost Formula Selling Advertising 5954 per month Sales salaries and commissions $4 806 per month, plus 3% of sales Delivery of pianos to customers $57 per piano sold Uites $642 per month Depreciation of sales facilities 55,094 per month Administrative Executive salaries $13.515 per month Insurance $710 per month Clerical $2.486 per month, plus $39 per piano sold Depreciation of office equipment $072 per month During August Marwicks Planos, Inc. 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