Chapter 16 Marwick's Planos, Inc., 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 presented below Sales salaries and commissions Delivery of pianos to customers Utilities Depreciation of sales facilities $700 per month $950 per month, plus 88 of sale $30 per piano sold $350 per month $800 per month Administrative Executive salaries Insurance $2,500 per month $400 per month Clerical $300 per month During August, Marwick's Pianos, Inc.,, 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 revenues on both a total and a per unit basis down through contribution margin. Required 1 Required 2