Check my work 4. Millard Corporation is a wholesale distributor of office products. It purchases office products from manufacturers and distributes them in the West, Central, and East regions. Each of these regions is about the same size and each has its own manager and sales staff. The company has been experiencing losses for many months. In an effort to improve performance, management has requested that the monthly income statement be segmented by sales region. The company's first effort at preparing a segmented income statement for May is given below. 10 points West $ 311,000 Sales Region Central East $ 796,000 $ 697,000 eBook Print Sales Regional expenses (traceable): Cost of goods sold Advertising Salaries Utilities Depreciation Shipping expense Total regional expenses Regional income (loss) before corporate expenses Corporate expenses: Advertising (general) General administrative expense Total corporate expenses Net operating income (loss) 96,000 103,000 51,000 9,200 22,000 12,000 293,200 17,800 244,000 243,000 57,000 16,300 35,000 35,000 630,300 165, 700 316,000 236,000 115,000 14,400 26,000 45,000 752,400 (55,400) References 15,000 19,000 34,000 $ (16,200) 40,000 19,000 59,000 106,700 33,000 19,000 52,800 $(107,400) The cost of goods sold and shipping expense are both variable. All other costs are fixed. Required: 3. Prepare a new contribution format segmented income statement for May. (Round percentage answers to 1 decimal place.)