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