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Marwicks Pianos, Inc., purchases pianos from a large manufacturer and sells them at the retail...

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Accounting

Marwicks Pianos, Inc., purchases pianos from a large manufacturer and sells them at the retail level. The pianos cost, on the average, $1,497 each from the manufacturer. Marwicks Pianos, Inc., sells the pianos to its customers at an average price of $2,200 each. The selling and administrative costs that the company incurs in a typical month are presented below:

Costs Cost Formula
Selling:
Advertising $944 per month
Sales salaries and commissions $4,821 per month, plus 5% of sales
Delivery of pianos to customers $62 per piano sold
Utilities $652 per month
Depreciation of sales facilities $4,977 per month
Administrative:
Executive salaries $13,401 per month
Insurance $690 per month
Clerical $2,529 per month, plus $41 per piano sold
Depreciation of office equipment $917 per month

During August, Marwicks Pianos, Inc., sold and delivered 56 pianos.

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Marwick's Pianos, Inc Contribution Format Income Statement For the Month of August Total Per Piano Variable expenses: Total variable expenses Contribution margin Fixed expenses: Total fixed expenses

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