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PROBLEM #5 objective The objective of Problem 5 is to reinforce your understanding of the segmented income statement and how it can be used to determine if a product line should be dropped. Background Goodwood Collections Product Lines Goodwood Collections sells three different product lines in its retail store: Office furniture Home furniture Kitchen cabinets Recently a large international home improvement chain has opened a store in town. One of the products the chain store sells is kitchen cabinets. These cabinets compete directly with Goodwood Collections kitchen cabinet product is feeling this competitive pressure and has been forced to lower prices on all kitchen cabinets sold in Goodwood Collections retail store. In addition, because the kitchen cabinet product line requires some custom design, fitting, and parts for installation, it has higher costs than the office furniture and home furniture product So, Pat believes that Goodwood Collections is losing money on the kitchen cabinet product line. Sales and Cost Analysis You help Pat analyze and assemble the following annual sales and cost information for each of the three product nes Sales by product line: $330,000 Office furniture sales dollars 660,000 Home furniture sales dollars 0,000 Kitchen cabinet sales dollars office Furniture variable expenses Percentage of sales dollars 55% Cost of goods sold 2% Commissions Freight out .5%, Supplies Home Furniture variable expenses Percentage of sales dollars: 56% Cost of goods sold 2%, Commissions 1% Freight out 1.5% Supplies n Cabinets variable expenses -Percentage of sales dollars: 70% ost of goods sold 4% Commissions 2%, ight out 3% Supp Fixed advertising expenses directly traceable to each product line 3,000 Office furn 7,500 Home furniture 9,500 Kitchen cabinet