Question: please answer correctly Problem 1-21 (Algo) Traditional and Contribution Format Income Statements [LO1-6] Marwick's Planos, Incorporated, purchases planos from a large manufacturer for an average
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Problem 1-21 (Algo) Traditional and Contribution Format Income Statements [LO1-6] Marwick's Planos, Incorporated, purchases planos from a large manufacturer for an average cost of $1,495 per unit and then seils them to retall customers for an average pice of $2,500 each. The company's selling and adminstrative costs for a typical month are presented below: During August, Marwick's Planos, Incorporated, sold and deivered 60 planos: Required: 1. Prepare a traditional format income statement for August. 2. Piepate a contribution format income statement for August. Show costs and revenues on both a totat and a per unit basis down through contribution margin. Complete this question by entering your answers in the talrs below. Suring August, Marwick's Pionos, Incorporoted, sold and delivered 60 pionos: Required: Prepore o traditional format income stotement for August. 2. Prepore a contribution format income statement for August. Show costs and revenues on both a total and a per unit basis down hrough contribution margin. Complete this question by entering your answers in the tabs below. Prepare a traditional format income statement for August. (A "Net operating loss" should be entered as a nepative number.) 1. Prepare o troditional format income statement for August. 2. Prepare o contribution format income statement for August. Show costs and revenues on both a total and a per unit baz through contribution morgin. Complete this question by entering your answers in the tabs below. Prepare a contribution format income statement for August, Show costs and revenues on both a total and a per unit basis down through contribution maruin. (A "Net aperating foss" stiould be entered at a negative number.)
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