Electric $105,500 66,750 38,750 WHOLESALE GUITARS Departmental Income Statements For Year Ended December 31, 2019 Acoustic Sales $112,500 Cost of goods sold 55,675 Gross profit 56,825 Operating expenses Advertising expense 8,075 Depreciation expense-Equipment 10,150 Salaries expense 17,300 Supplies expense 2,030 Rent expense 6,105 Utilities expense 3,045 Total operating expenses 46,705 Net income (loss) $ 10,120 6,250 9,000 13,500 1,700 5,950 2,550 38,950 $ (200) 1. Prepare a departmental contribution report that shows each department's contribution to overhead, 2. Based on contribution to overhead, should the electric guitar department be eliminated? Answer is not complete. WOULCOALC GUITAS Income Statement Showing Departmental Contribution to Overhead For Year Ended December 31, 2019 Acoustic Dept. Electric Dept. Sales $ 101,700 $ 84,300 $ Cost of goods sold 44,975 47,450 Gross profit 56,725 36,850 Combined 186,000 92,425 93,575 10,060 19,700 8,560 17,200 1.780 18,620 36,900 >> 3,780 Direct expenses Depreciation expense-Equipment Salaries expense Supplies expense Total direct expenses Departmental contributions to overhead Indirect expenses Advertising expense 2,000 31,760 59,300 27.540 9,310 $ 24,965 $ $ 34,275 > 9,265 12,975 5,595 Rent expense Utilities expense Total indirect expenses 27,835 6,440 S Net income 1. Prepare a departmental contribution report that shows each department's contribution to overhead. 2. Based on contribution to overhead, should the electric guitar department be eliminated? Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Based on contribution to overhead, should the electric guitar department be eliminated? Based on contribution to overhead, should the electric guitar department be eliminated?