Millard Corporation is a wholesale distributor of office products. It purchases office products from manufacturers and distributes them in the West, Central, and East regions. Each of these regions is about the same size, and each has its own manager and sales staff. The company has been experiencing losses for many months. In an effort to improve profits, management prepared the segmented income statement for May as shown below. Sales Regional expenses (traceable): Cost of goods sold. Advertising Salaries Utilities Depreciation Shipping expense Total regional expenses Regional income (loss) before corporate expenses, Corporate expenses: Advertising (general) General administrative expense Total corporate expenses Net operating income (loss) West $311,000 Sales Region Central $ 804,000 East $ 701,000 96,000 237,000 316,000 109,000 240,000 244,000 58,000 53,000 112,000 9,100 15,600 14,300 23,000 35,000 29,000 17,000 32,000 41,000 312,100 612,600 756,300 (1,100) 191,400 (55,300) 16,000 38,000 37,000 21,000 21,000 21,000 37,000 59,000 58,000 $ (38,100) $ 132,400 $ (113,300) The cost of goods sold and shipping expense are both variable. All other costs are fixed. Required: 3. Prepare a new contribution format segmented income statement for May. Note: Round percentage answers to 1 decimal place. Sales Variable expenses: Cost of goods sold Shipping expense Total variable expenses Contribution margin Traceable fixed expenses: Salaries Utilities Advertising Depreciation West Central East % Amount % Amount % Amount % S $ $ 100.0 100.0 100.0 100.0 311,000 804,000 701,000 Total Company Amount $ 1,816,000 Total traceable fixed expenses Regional segment margin Common fixed expenses Advertising (general) General administration 6 1000 0 0.0 0.0 0.0 0.0 100.0 311,000 100.0 804,000 100.0 701,000 100.0 1,816,000 + 0 0.0 0 0.0 0 0.0 0 0.0 $ $ 1,816,000 100.0 100.0 100.0 100.0 311,000 804,000 701,000 Total common fixed expense Net operating income (loss) $ 1,816,000 0 0.0 100.0