Chapter 1 Practice Problems i Saved Help Save & Exit Submit Marwick's Pianos, Inc., purchases pianos from a large manufacturer for an average cost of $1,492 per unit and then sells them to retail customers for an average price of $2,100 each. The company's selling and administrative costs for a typical month are presented below: Cost Formula points 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 $962 per month $4,778 per month, plus 4% of sales $60 per piano sold $644 per month $4,973 per month eBook $13, 495 per month $714 per month $2,514 per month, plus $40 per piano sold $943 per month Print During August, Marwick's Pianos, Inc., sold and delivered 55 pianos. References 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. 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, Inc. Traditional Income Statement For the Month of August Selling and administrative expenses: Selling expenses