Income Statements Segmented by Products see attached word document

Income Statements Segmented by Products Clay Consulting Firm provides three types of client services in three healthcarerelated 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 $70,000 Selling and administrative 65,000 Net income $900,000 (601,000) 299,000 (135,000) $164,000 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 $310,000 30% $18,000 $1,000 Physicians $290,000 40% $21,000 $1,000 Nursing Care $300,000 30% $13,000 $1,500 Prepare income statements segmented by client categories. Include a column for the entire firm in the statement. Sales Variable costs Contribution margin Direct fixed expenses Product margin Allocated common costs Product income Unallocated common expenses: Selling and administrative Clay Consulting Firm Product and Company Income Statements For the Month of July Hospitals Physicians Nursing Care $Answer $Answer $Answer Answer Answer Answer Company Totals $Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer Answer $Answer $Answer $Answer Answer Answer Answer Service (less allocated expenses/costs) Total Net income Answer $