Losses have been incurred at Millard Corporation for some time. In an effort to isolate the problem and improve the company's performance, management has requested that the monthly income statement be segmented by sales region. The company's 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 311,000 803,000 701,000 Sales Regional expenses (traceable) 91,000 Cost of goods sold 240,000 311,000 238,000 236,000 Advertising 103,000 Salaries 56,000 59,000 105,000 Utilities 9.100 16,400 13,700 Depreciation 20,000 35,000 29,000 Shipping expense 15,000 26,000 41,000 614,400 735,700 Total regional expenses 294,100 Regional income (loss) 188,600 (34,700) before corporate expenses 16,900 Corporate expenses: Advertising (general) 13,000 38,000 34,000 22,000 22,000 22,000 General administrative expense 35,000 60,000 Total corporate expenses 56,000 (18,100) 128,600 (90,700) Net operating income (loss) 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)