(Solved): Prepare a traditional format income statement for August. (A "Net operating los Marwick's Pian ...

Prepare a traditional format income statement for August. (A "Net operating los Marwick's Pianos, Incorporated Contribution Format Income Statement For the Month of August Marwick's Pianos, Incorporated, purchases pianos from a large manufacturer for an average cost of $\$1,488$ per unit and then sells them to retall customers for an average price of $\$3,300$ each. The company's selling and administrative costs for a typical month are presented below: During August, Marwick's Pianos, Incorporated, sold and delivered 58 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.