Question: 1-21 Please answer in similar format as above so I can follow. Thanks! Marwick's Pianos, Incorporated, purchases pianos from a large manufacturer for an average


1-21
Please answer in similar format as above so I can follow. Thanks!
Marwick's Pianos, Incorporated, purchases pianos from a large manufacturer for an average cost of $1,483 per unit and then sells ther to retail customers for an average price of $2,800 each. The company's selling and administrative costs for a typical month are presented below: Cost Formula Costs Selling: Advertising $934 per month Sales salaries and commissions Delivery of pianos to customers Utilities $4,821 per month, plus 5% of sales $58 per piano sold $650 per month Depreciation of sales facilities Administrative: $5,840 per month Executive salaries $13,468 per month Insurance $705 per month Clerical Depreciation of office equipment $2,514 per month, plus $41 per piano sold $877 per month During August, Marwick's Pianos, Incorporated, sold and delivered 65 pianos. 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. 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 Pianos, Incorporated Traditional Income Statement For the Month of August Selling and administrative expenses: Selling expenses: Total selling expenses Administrative expenses: Total administrative expenses Total selling and administrative expenses 0 0 Required 1 Required 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. (A "Net operating loss" should be entered as a negative number.) Marwick's Pianos, Incorporated Contribution Format Income Statement For the Month of August Total Per Piano Variable expenses: Total variable expenses Contribution margin Fixed expenses: Total fixed expenses 0
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