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I need help filling out the %'s Shannon Company segments its income statement into its North and South Divisions. The company's overall sales, contribution margin
I need help filling out the %'s
Shannon Company segments its income statement into its North and South Divisions. The company's overall sales, contribution margin ratio, and net operating income are $1,050,000, 40%, and $21,000, respectively. The North Division's contribution margin and contribution margin ratio are $154,000 and 44%, respectively. The South Division's segment margin is $175,000. The company has $262,500 of common fixed expenses that cannot be traced to either division. Required: Prepare an income statement for Shannon Company that uses the contribution format and is segmented by divisions. In addition, for the company as a whole and for each segment, show each item on the segmented income statements as a percent of sales. (Round your percentage answers to 1 decimal place (i.e.1234 should be entered as 12.3).) % % 100.0 Total Company Amount % $ 1,050,000 630,000 420,000 136,500 283,500 262,500 $ 21,000 Sales Variable expenses Contribution margin Traceable fixed expenses Territorial segment margin Common fixed expenses Net operating income Divisions South Amount 100.01 $ 700,000 434,000 44.0 266,000 91,000 North Amount 100.00 $ 350,000 196,000 40.0 154,000 45,5001 40Step by Step Solution
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