Prepare a traditional format income statement for August. Problem 1-21 (Static) Traditional and Contribution Format Income Statements [LO1-6] Marwick's Pianos, Incorporated, purchases pianos from a large manufacturer for an average cost of $2,450 per unit and then selis them to retail customers for an average price of $3,125 each. The company's selling and administrative costs for a typical month are presented below: During August, Marwick's Pianos, Incorporated, sold and delivered 40 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. \begin{tabular}{|l|l|} \hline \multicolumn{1}{|c|}{ Contribution Format Income Statement } \\ \hline \multicolumn{1}{|c|}{ For the Month of August } \\ \hline \end{tabular}