Marwick's Pianos, Incorporated, purchases pianos from a manufacturer for an average cost of $1,514 per unit and then sells them to retail customers for an average price of $2,400 each. The company's selling and administrative costs for a typical month are presented below: Costs Selling: Advertising Sales salaries and commissions Delivery of pianos to customers Utilities Depreciation of sales facilities Administrative: Executive salaries Insurance Clerical Depreciation of office equipment Cost Formula $932 per month $4,782 per month, plus 5% of sales $58 per piano sold $667 per month $5,051 per month $13,447 per month $683 per month $2,454 per month, plus $36 per piano sold $948 per month During August, Marwick's Pianos, Incorporated, sold and delivered 65 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.

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Marwick’s Pianos, Inc., purchases pianos from a large manufacturer and sells them at the retail level. Thepianos cost, on the average, $2,450 each from the manufacturer. Marwick’s Pianos, Inc., sells the pianosto its customers at an average price of $3,125 each. The selling and administrative costs that the companyincurs in a typical month are presented below:Costs Cost FormulaSelling:Advertising ................................................ $700 per monthSales salaries and commissions .............. $950 per month, plus 8% of salesDelivery of pianos to customers ............... $30 per piano soldUtilities ...................................................... $350 per monthDepreciation of sales facilities .................. $800 per monthAdministrative:Executive salaries .................................... $2,500 per monthInsurance .................................................. $400 per monthClerical ..................................................... $1,000 per month, plus…

Marwick's Planos, Incorporated, purchases pianos from a large manufacturer for an average cost of $1,508 per unit and then sells them to retail customers for an average price of $3,400 each. The company's selling and administrative costs for a typical month are presented below: Costs Selling: Advertising Sales salaries and commissions Delivery of pianos to customers Utilities Depreciation of sales facilities Administrative: Cost Formula $958 per month $4,822 per month, plus 3% of sales $58 per piano sold $643 per month $4,959 per month Executive salaries. Insurance Clerical Depreciation of office equipment During August, Marwick's Pianos, Incorporated, sold and delivered 65 pianos. $13,582 per month $715 per month $2,526 per month, plus $42 per piano sold $892 per month 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…