Bovine Company, a wholesale distributor of umbrellas, has been experiencing losses for some time, as shown by its most rece monthly contribution format income statement: Sales Variable expenses Contribution margin Fixed expenses Operating loss $2,150,000 907,700 1,242,300 1,335,000 $ (92,700) In an effort to isolate the problem, the president has asked for an income statement segmented by geographic market. Accord the Accounting Department has developed the following: Sales Variable expenses as a percentage of sales Traceable fixed expenses Geographic Market South $615,000 Central $814,000 $721,000 North 56% 32% 42% $335,000 $504,000 $315,000 Required: 1. Prepare a contribution format income statement segmented by geographic market, as requested by the president. Geographic Market