9 points eBook Print References Problem 1-21 (Static) Traditional and Contribution Format Income Statements [LO1-6] Marwick's Pianos, Incorporated, purchases pianos from a large manufacturer for an average cost of $2,450 per unit and then sells them to retail customers for an average price of $3,125 each. The company's selling and administrative costs for a typical month are presented below: Costs Selling: Advertising Sales salaries and commissions Delivery of pianos to customers Utilities Depreciation of sales facilities Administrative: Executive salaries : Insurance Clerical Depreciation of office equipment Cost Formala $ 700 per month $ 950 per month, plus 8 of sales $30 per piano sold $ 350 per month $ 800 per month $ 2,500 per month $ 400 per month $1,000 per month, plus $20 per piano sold $ 300 per month During August, Marwick's Pianos, Incorporated, sold and delivered 40 pianos. Required: 1. Prepare a traditional format income statement for August. 2. Prepare a contribution format income statement for August. Show costs and devenues on both a total and a per unit basis down through contribution margin. Complete this question by entering your answers in the tabs below.