Marwick's Pianos, Incorporated, purchases pianos from a manufacturer for an average cost of $1,481 per unit...

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Marwick's Pianos, Incorporated, purchases pianos from a manufacturer for an average cost of $1,481 per unit and then sells them to retail customers for an average price of $3,300 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 $952 per month $4,807 per month, plus 5% of sales $60 per piano sold $644 per month $5,037 per month $13,460 per month $712 per month $2,491 per month, plus $42 per piano sold $895 per month During August, Marwick's Pianos, Incorporated, sold and delivered 59 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 1 Required 2 Marwick's Pianos, Incorporated, purchases pianos from a manufacturer for an average cost of $1,481 per unit and then sells them to retail customers for an average price of $3,300 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 $952 per month $4,807 per month, plus 5% of sales $60 per piano sold $644 per month $5,037 per month $13,460 per month $712 per month $2,491 per month, plus $42 per piano sold $895 per month During August, Marwick's Pianos, Incorporated, sold and delivered 59 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 1 Required 2