Marwick's Planos, Inc., purchases pianos from a large manufacturer for an average cost of $1,514 per...

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Marwick's Planos, Inc., purchases pianos from a large manufacturer for an average cost of $1,514 per unit and then sells them to retail customers for an average price of $2,600 each. The company's selling and administrative costs for a typical month are presented below: Costs Cost Formula Selling: Advertising $932 per month Sales salaries and commissions Delivery of pianos to customers Utilities $4,780 per month, plus 5% of sales $61 per piano sold $660 per month Depreciation of sales facilities Administrative: $4,991 per month Executive salaries $13,465 per month Insurance $700 per month Clerical $2,529 per month, plus $43 per piano sold $904 per month Depreciation of office equipment During August, Marwick's Planos, Inc., sold and delivered 61 planos. 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. Marwick's Pianos, Inc. Traditional Income Statement For the Month of August Selling and administrative expenses: Selling expenses: Total selling expenses Administrative expenses: Total administrative expenses Total selling and administrative expenses 0 0 0 Marwick's Pianos, Inc. Contribution Format Income Statement For the Month of August Total Variable expenses: Total variable expenses Contribution margin Fixed expenses: Total fixed expenses 0 0 Per Piano 0 Marwick's Planos, Inc., purchases pianos from a large manufacturer for an average cost of $1,514 per unit and then sells them to retail customers for an average price of $2,600 each. The company's selling and administrative costs for a typical month are presented below: Costs Cost Formula Selling: Advertising $932 per month Sales salaries and commissions Delivery of pianos to customers Utilities $4,780 per month, plus 5% of sales $61 per piano sold $660 per month Depreciation of sales facilities Administrative: $4,991 per month Executive salaries $13,465 per month Insurance $700 per month Clerical $2,529 per month, plus $43 per piano sold $904 per month Depreciation of office equipment During August, Marwick's Planos, Inc., sold and delivered 61 planos. 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. Marwick's Pianos, Inc. Traditional Income Statement For the Month of August Selling and administrative expenses: Selling expenses: Total selling expenses Administrative expenses: Total administrative expenses Total selling and administrative expenses 0 0 0 Marwick's Pianos, Inc. Contribution Format Income Statement For the Month of August Total Variable expenses: Total variable expenses Contribution margin Fixed expenses: Total fixed expenses 0 0 Per Piano 0

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