Marwick's Pianos, Incorporated, purchases pianos from a manufacturer for an average cost of $1,501 per unit...

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Marwick's Pianos, Incorporated, purchases pianos from a manufacturer for an average cost of $1,501 per unit and then sells them to retail customers for an average price of $2,700 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 $958 per month $4,791 per month, plus 3% of sales $62 per piano sold $641 per month $5,056 per month $13,436 per month $705 per month $2,484 per month, plus $44 per piano sold $878 per month During August, Marwick's Pianos, Incorporated, sold and delivered 63 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 Marwick's Pianos, Incorporated, purchases pianos from a manufacturer for an average cost of $1,501 per unit and then sells them to retail customers for an average price of $2,700 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 $958 per month $4,791 per month, plus 3% of sales $62 per piano sold $641 per month $5,056 per month $13,436 per month $705 per month $2,484 per month, plus $44 per piano sold $878 per month During August, Marwick's Pianos, Incorporated, sold and delivered 63 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