Below are departmental income statements for a guitar manufacturer. The manufacturer is considering eliminating its electric guitar department since it has a net loss. The company classifies advertising, rent, and utilities expenses as indirect WHOLESALE GUITARS Departmental Income Statements For Year Ended December 31, 2019 Acoustic Electric Sales $102,400 $84,100 Cost of goods sold 44,475 47,450 Gross profit 57,925 36,650 Operating expenses Advertising expense 5,025 4,340 Depreciation expense-Equipment 10,150 8,548 Salaries expense 20, 280 17,900 Supplies expense 2,000 Rent expense 7,015 5,960 Utilities expense 3,025 2,600 Total operating expenses 47,415 41,130 Net Income (loss) $ 10,51 5(4,480) 1,790 1. Prepare a departmental contribution report that shows each department's contribution to overhead 2. Based on contribution to overhead, should the electric guitar department be eliminated WHOLESALE GUITARS Income Statement Showing Departmental Contribution to Overhead For Year Ended December 31, 2019 Acoustic Dept. Electric Dept. Combined Direct expenses 0 0 0 0 0 0$ GA Total direct expenses Departmental contributions to overhead Indirect expenses Total indirect expenses 0 Required 1 Required 2 Based on contribution to overhead, should the electric guitar department be eliminated? Based on contribution to overhead, should the electric guitar department be eliminated