Home Oter 1- Homework 2 rint Question 2 - Chapter 1- Homework - Connect Saved Help Saver Problem 1-21 (Algo) Traditional and Contribution Format Income Statements [LO1-6] Marwick's Pianos, Incorporated, purchases pianos from a large manufacturer for an average cost of $1,517 per unit and then sells them to retail customers for an average price of $3,000 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 Formula $ 961 per month $ 4,776 per month, plus 4% of sales $60 per piano sold $ 669 per month $ 5,050 per month $ 13,515 per month $ 684 per month $ 2,506 per month, plus $38 per piano sold $ 920 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. Complete this question by entering your answers in the tabs below. Required 11 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