Marwick's Pianos, Incorporated, purchases pianos from a large manufacturer for an average cost of to retail...

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Marwick's Pianos, Incorporated, purchases pianos from a large manufacturer for an average cost of to retail customers for an average price of $2,800 each. The company's selling and administrative co 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 $954 per month $4,802 per month, plus 4% of sales $58 per piano sold $663 per month $4,917 per month $13,599 per month $708 per month $2,451 per month, plus $42 per piano sold $878 per month During August, Marwick's Pianos, Incorporated, sold and delivered 57 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 to through contribution margin. Marwick's Pianos, Incorporated, purchases pianos from a large manufacturer for an average cost of to retail customers for an average price of $2,800 each. The company's selling and administrative co 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 $954 per month $4,802 per month, plus 4% of sales $58 per piano sold $663 per month $4,917 per month $13,599 per month $708 per month $2,451 per month, plus $42 per piano sold $878 per month During August, Marwick's Pianos, Incorporated, sold and delivered 57 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 to through contribution margin.