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 $2,190,000 887,520 Variable expenses Contribution margin Fixed expenses Operating loss 1,302,480 1,343,000 $ (40,520) 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 Central $619,000 $818,000 $753,000 South North Sales Variable expenses as a percentage of sales Traceable fixed expenses 50% 32% 42% $350,000 $528,000 $319,000 Q3 a. Prepare a contribution format income statement segmented by geographic market