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I need help finishing this poblem. Shannon Company segments its income statement into its North and South Divisions. The company's overall sales, contribution margin ratio,
I need help finishing this poblem.
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 $720,000, 60%, and $72,000. respectively. The North Division's contribution margin and contribution margin ratio are $225,000 and 75%, respectively. The South Division's segment margin is $62,000. The company has $108,000 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. (Round your percentage answers to 1 decimal place (i.e .1234 should be entered as 12.3)) Answer is not complete. Divisions Total Company North South Amount $ 720,000 288,000 432,000 252,000 180,000 108,000 Amount 100.0 300,000 75,000 225,000 100.0 25.0 75.0 Amount 420,000 213,000 207,000 100.0 50.7 49.3 Sales Variable expenses 40.0 Contribution margin Traceable fixed expenses Territorial segment margin Common fixed expenses 60.0 60.0 $ 225,000 75.0 $ 207,000 49.3 Net operating income 60.0Step by Step Solution
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