2 Problem 6-26 (Algo) Restructuring a Segmented Income Statement (LO6-4] 5 points Millard Corporation is a wholesale distributor of office products. It purchases office products from manufacturers and distributes them in the West, Central, and East regions. Each of these regions is about the same size and each has its own manager and sales staff. eBook The company has been experiencing losses for many months. In an effort to improve performance, management has requested that the monthly income statement be segmented by sales region. The company's first effort at preparing a segm nted income statement for May is given below. Print West $312,000 Sales Region Central East $799,000 $ 701,000 References Sales Regional expenses (traceable): Cost of goods sold Advertising Salaries Utilities Depreciation Shipping expense Total regional expenses Regional income (loss) before corporate expenses Corporate expenses: Advertising (general) General administrative expense Total corporate expenses Net operating income (loss) 94,000 104,000 51,000 8,600 24,000 14,000 295,600 237,000 237,000 52,000 15,700 32,000 33,000 606,700 319,000 237,000 109,000 14,300 26,000 40,000 745,300 16,400 192,300 (44,300) 18,000 18,000 36,000 $(19,600) 37,000 38,000 18,000 18,000 55,000 56,000 $137,300 $ (100,300) The cost of goods sold and shipping expense are both variable. All other costs are fixed. Required: 3. Prepare a new contribution format segmented income statement for May. (Round percentage answers to 1 decimal place.) Total Company West Central East Amount % Amount % Amount % Amount % Variable expenses: Total variable expenses 0 0.0 0 0.0 0 0.0 0 0.0 0 0.0 0 0.0 0 0.0 0 0.0 Traceable fixed expenses: Total traceable fixed expenses 0 0.0 0 0.0 0 0.0 0 0.0 0 0.0 $ 0 0.0 $ 0 0.0 $ 0 0.0 Common fixed expenses: Total common fixed expense 0 0.0 Net operating income (loss) $ 0 0.0