If the common expenses were allocated 70% to the carpeting department and 30% to the hard covering department, what would the net income be for each department?

Departmental Income Statement Elgin Flooring Company sells floor coverings through two departments, carpeting and hard covering (tile and linoleum). Operating information for 2016 appears below. Carpeting Department Hard Covering Department Inventory, January 1, 2016 $71,000 $37.000 Inventory, December 31, 2016 39,000 19,000 Net sales 780,000 480,000 Purchases 484,000 362.000 Purchases returns 28,000 8,000 Purchases discounts 16,000 4,000 Transporation in 18,000 14,000 Traceable departmental expenses 96,000 44,000 Common operating expenses of the firm were $120,000. a. Prepare a departmental income statement showing departmental contribution to common expenses and net income of the firm. Assume an overall effective income tax rate of 35%%. Elgin uses a periodic inventory system. Do not use negative signs with any of your answers below. Elgin Flooring Company Departmental Income Statement For the Year Ended December 31, 2016 Carpeting Department Hard Covering Department Total Net sales 780,000 ~ S 480,000 V $ 1.260,000 Cost of goods sold: Inventory, January 1. 2016 71,000 37.000 108,000 Purchases 484,000 362000 846,000 Purchases returns 28,000 8,000 35,000 Purchases discounts 16,000 4,000 20,000 Transportation in 18,000 14,000 32000 Cost of goods available for sale 529,000 401,000 930,000 Inventory, December 31, 2016 39,000 19,000 58,000 Cost of goods sold 490,000 382.000 872,000 Gross Profit 290,000 93,000 328,000 Traceable department expenses 96,000 44,000 140,000 Contribution to common expenses 194,000 54,000 248,000 Common expenses 120,000 income before tax 128,000 income tax expense 44,800 Net income S 83.200