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 1,327,500 Fixed expenses 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 Nenihi Central $620,000 $819,000 $761,000 Sales Variable expenses as a percentage of sales Traceable fixed expenses 52% 30% 40% $360,000 $529,000 $320,000