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 performance, management has requested that the monthly income statement be segmented by sales region. The company's first effort at preparing a segmented income statement for May is given 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 $ 312,000 Sales Region Central $800,000 East $ 697,000 99,000 102,000 237,000 240,000 57,000 53,000 317,000 240,000 110,000 9,400 16,200 14,200 23,000 30,000 29,000 16,000 31,000 41,000 306,400 607,200 751,200 5,600 192,800 (54,200) 12,000 43,000 36,000 20,000 20,000 20,000 32,000 63,000 56,000 $ (26,400) $ (129,800) $ (110,200) 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. (Round percentage answers to 1 decimal place.) Variable expenses: Total Company Amount West Central % Amount % Amount % Amount East % Total variable expenses 0 0 0.0 0 0.0 0 0.0 0 0.0 0.0 0 0.0 0 0.0 0 0.0 Traceable fixed expenses: Total traceable fixed expenses 0 0.0 0.0 0.0 0.0 0 0.0 $ 0 0.0 $ 0.0 $ 0 0.0 Common fixed expenses: Total common fixed expense Net operating income (loss) $ 00 0.0 0.0