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 Electric $83,400 46,75e 36,65e WHOLESALE GUITARS Departmental Income Statements For Year Ended December 31, 2019 Acoustic Sales $102,400 Cost of goods sold 45,275 Gross profit 57,125 Operating expenses Advertising expense 5,005 Depreciation expense Equipment 10,890 Salaries expense 20, 100 Supplies expense 2,010 Rent expense 7,015 Utilities expense Total operating expenses 47,185 Net income (loss) $ 9,940 4,290 8,590 17,300 1,740 6,850 2,640 40,610 $(3,960) 2,965 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 hooliminati Complete this question by Required 1 Required 2 Prepare a departmental contribution report that shows each department's contribution to overhead. WHOLESALE GUITARS Income Statement Showing Departmental Contribution to Overhead For Year Ended December 31, 2019 Acoustic Dept. Electric Dept. Combined Direct expenses Total direct expenses Departmental contributions to overhead Indirect expenses Total indirect expenses Required Required 2 > 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?