Bovine Company, a wholesale distributor of umbrellas, has been experiencing losses for some time, as shown by its most recent monthly contribution format income statement:

Sales Variable expenses $2,200,000 872,500 Contribution margin Fixed expenses 1,327,500 1,345,000 Operating loss $ (17,500) In an effort to isolate the problem, the president has asked for an income statement segmented by geographic market. Accordingly, the Accounting Department has developed the following: Geographic Market South Central North $620,000 $819,000 $761,000 52% 30% 40% $360,000 $529,000 $320,000 Sales Variable expenses as a percentage of sales Traceable fixed expenses Required: 1. Prepare a contribution format income statement segmented by geographic market, as requested by the president. Total Company Geographic Market Central South North Sales Variable expenses Contribution margin Traceable fixed expenses Geographic market segment margin |Common fixed expenses not traceable to products EOperating income