W u cation.com/flow/connect.html apter 1 Help Save & Ex Problem 1-21 Traditional and Contribution Format Income Statements (LO1-6] Marwick's Planos, Inc., purchases planos from a large manufacturer for an average cost of $2.450 per unit and then sells 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: Cost Formula Coats Sellingt Advertising Sales salaries and commissions Delivery of pianos to customers Utilities Depreciation of sales facilities Administratives Executive salaries Insurance clerical Depreciation of office equipment $700 per month $950 per month, plus 8 of sales $30 per piano sold $350 per month $800 per month $2,500 per month $400 per month $1,000 per month, plus $20 per piano sold $300 per month During August, Marwick's Planos, Inc., 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional format income statement for August. pter 1 Saved Prepare a traditional format income statement for August. Marwick's Pianos, Inc. Traditional Income Statement For the Month of August Selling and administrative expenses: Selling expenses: 11111 Total selling expenses Administrative expenses: Total administrative expenses Total selling and administrative expenses