14 . -Book Hint Print prences Exercise 22-7 (Algo) Departmental contribution to overhead LO P3 Below are departmental income statements for a guitar manufacturer. The company classifies advertising, rent, and utilities as indirect expenses. The manufacturer is considering eliminating its Electric Guitar department because it shows a loss. For Year Ended December 31 Sales Cost of goods sold Gross profit Expenses Advertising Electric Departmental Income Statements Acoustic $103,500 44,675 $ 84,500 46,850 58,825 37,650 4,985 4,330 10,130 8,530 20,000 17,700 2,010 1,770 7,085 5,960 2,965 2,620 47,175 40,910 $ 11,650 $ (3,260) Depreciation-Equipment Salaries Supplies used Rent Utilition Total expenses Income (loss) 1. Prepare a departmental contribution to overhead report. 2. Based on contribution to overhead, should the electric guitar department be eliminated? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a departmental contribution to overhead report.