saved B Problem 1-21 Traditional and Contribution Format Income Statements (L01-6] Marwick's Pianos, Inc, purchases planos from a large manufacturer for an average cost of $1,482 per unit and then sets them to retail customers for an average price of $2,100 each. The company's selling and administrative costs for a typical month are presented below 1 Costs Selling: Advertising Sales salaries and commissions Delivery of pianos to customers Utilities Depreciation of sales facilities Administrative: Executive salaries Insurance Clerical Depreciotion of office equipment Cost Formula $965 per month $4,793 per month, plus 5X of sales $57 per piano sold 5670 per month 54.903 per month $13,506 per month $701 per month $2,480 per month, plus 537 per piano sold $916 per month co During August, Marwick's Planos, Inc., sold and delivered 63 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. Required 1 Required 2 Prepare a traditional format income statement for August. (A "Net operating loss should be entered as a negative number.) Marwick's Pianos, Inc. Traditional Income Statement For the Month of August Sales Cost of goods sold Gross margin Selling and administrative expenses Selling expenses $ 132,300 93,366 38.934 Next