Income Statements Segmented by Products Clay Consulting Firm provides three types of client services in three health-care-related industries. The income statement for July is as follows: Clay Consulting Firm Income Statement For Month of July Sales Less variable costs Contribution margin Less fixed expenses Service Selling and administrative Net income $900,000 (604,000) 296,000 $70,000 65,000 (135,000) $161,000 The sales, contribution margin ratios, and direct fixed expenses for the three types of services are as follows: Sales Contribution margin ratio Direct fixed expenses of services Allocated common fixed service expenses Hospitals Physicians Nursing Care $300,000 30% $11,000 $1,500 $340,000 $260,000 40% $22,000 $17,000 $1,000 $1,000 Prepare income statements segmented by client categories. Include a column for the entire firm in the statement. Do not use negative signs with your answers. Clay Consulting Firm Product and Company Income Statements For the Month of July Hospitals Physicians Nursing Care Company Totals Sales Variable costs 0 Contribution margirn Direct fixed expenses Product margin Allocated common costs 0 Product income Unallocated common expenses: Selling and administrative Unallocated common expenses: Selling and administrative 1) Service (less directed fixed expenses and allocated common costs) 0 Total 0 Net income