Please do not give solution in image format thanku Marwick's Pianos, IncorporatedContribution Format Income StatementFor the Month of AugustSalesVariable expenses:Total variable expensesContribution marginFixed expenses:Total fixed expensesTotal00Per Piano0 Marwick's Pianos, Incorporated, purchases pianos from a large manufacturer for an average cost of $1,504 per unit andthen sells them to retail customers for an average price of $2,800 each. The company's selling and administrative costsfor a typical month are presented below:CostsSelling:AdvertisingSales salaries and commissionsDelivery of pianos to customersUtilitiesCost FormulaDepreciation of sales facilitiesAdministrative:Executive salariesInsuranceClericalDepreciation of office equipmentDuring August, Marwick's Pianos, Incorporated, sold and delivered 62 pianos.$948 per month.$ 4,785 per month, plus 3% of sales$ 60 per piano soldSalesCost of goods soldGross marginSelling and administrative expenses:Selling expenses:$ 667 per month.$ 5,092 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 unitbasis down through contribution margin.AdvertisingSales salaries and commissionsDelivery of pianosUtilitiesDepreciation of sales facilities$ 13,530 per month$ 706 per month.$ 2,503 per month, plus $42 per piano sold$943 per month.Marwick's Pianos, IncorporatedTraditional Income StatementFor the Month of AugustTotal selling expensesAdministrative expenses:Executive salariesInsuranceClericalDepreciation of office equipmentTotal administrative expensesTotal selling and administrative expensesNet operating income000

Income Statement -The income statement includes Revenue earned and Expenses incurred during the…

Marwick's Pianos, Incorporated, purchases pianos from a large manufacturer for an average cost of $1,504 per unit and then sells them to retail customers for an average price of $2,800 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 $948 per month. $ 4,785 per month, plus 3% of sales $ 60 per piano sold $ 667 per month. $ 5,092 per month $ 13,530 per month $ 706 per month $ 2,503 per month, plus $42 per piano sold $ 943 per month Executive salaries Insurance Clerical Depreciation of office equipment. During August, Marwick's Pianos, Incorporated, sold and delivered 62 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.

Marwick's Pianos, Incorporated, purchases pianos from a large manufacturer for an average cost of $1,504 per unit and then sells them to retail customers for an average price of $2,800 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 $948 per month. $ 4,785 per month, plus 3% of sales $ 60 per piano sold $ 667 per month. $ 5,092 per month $ 13,530 per month $ 706 per month $ 2,503 per month, plus $42 per piano sold $ 943 per month Executive salaries Insurance Clerical Depreciation of office equipment. During August, Marwick's Pianos, Incorporated, sold and delivered 62 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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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