Ira Toyota had the following data for the year's operations: a (Click the icon to View the data.) The president of the dealership has long regarded the markup on material and labor for the parts and service activity as the amount that is supposed to cover all parts and service overhead plus some general overhead of the dealership. In other words, the parts and service department is viewed as a cost-recovery operation, while the sales of vehicles is viewed as the income-producing activity. Read the muirements. Requirement 1. Prepare a departmentalized operating statement that harmonizes with the views of the president. (Enter a "0\" for any zero-balances.) Parts and Service Vehicles Data table Sales 5 400,000 $ 2,700,000 Cost of sales 1,755,000 Pans and service materials 120,000 Sales of vehicles 2,700,000 Parts and service labor 160,000 Sales of parts and service 400,000 Sales commissions 81,000 Cost of vehicle sales 1,755,000 Subtotal of costs 230,000 1,836,000 Parts and sen/ice materials 120,000 Parts and sen/ice labor 160,000 Markup on variable material and labor* w w Parts and sen/ice overhead 40,000 Parts and service overhead 40.000 General dealership overhead 230,000 Advertising 140,000 Advertising of vehicles 140,000 Sales salaries Sales commissions, vehicles 81,000 General dealership overhead Sales salaries, vehicles 40,000 Net income " Roughly equivalent to contribution margin