Losses have been incurred at Millard Corporation for some time. In an effort to isolate the problem and improve the companys performance, management has requested that the monthly income statement be segmented by sales region. The companys first effort at preparing a segmented statement is given below. This statement is for May, the most recent month of activity. Sales Region West Central East Sales $ 310,000 $ 800,000 $ 703,000 Regional expenses (traceable): Cost of goods sold 95,000 240,000 319,000 Advertising 105,000 239,000 240,000 Salaries 51,000 57,000 110,000 Utilities 8,800 16,100 14,000 Depreciation 23,000 30,000 28,000 Shipping expense 13,000 25,000 36,000 Total regional expenses 295,800 607,100 747,000 Regional income (loss) before corporate expenses 14,200 192,900 (44,000) Corporate expenses: Advertising (general) 13,000 42,000 33,000 General administrative expense 21,000 21,000 21,000 Total corporate expenses 34,000 63,000 54,000 Net operating income (loss) $ (19,800) $ 129,900 $ (98,000) Cost of goods sold and shipping expense are both variable; other costs are all fixed. Millard Corporation is a wholesale distributor of office products. It purchases office products from manufacturers and distributes them in the three regions given above. The three regions are about the same size, and each has its own manager and sales staff. The products that the company distributes vary widely in profitability. Required: 3. Prepare a new contribution format segmented income statement for May. Show a Total column as well as data for each region. In addition, for the company as a whole and for each sales region, show each item on the segmented income statement as a percent of sales. (Note: % columns may not total due to rounding.) Round percentage answers to 1 decimal place (i.e .1234 should be entered as 12.3).