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 Region Sales Regional expenses (traceable): Cost of goods sold West $ 312,000 Central $ 797,000 East $ 702,000 98,000 243,000 317,000 Advertising Salaries 103,000 238,000 235,000 53,000 57,000 106,000 Utilities 9,400 15,600 13,600 Depreciation 21,000 32,000 30,000 Shipping expense 17,000 27,000 37,000 Total regional expenses 301,400 612,600 738,600 Regional income (loss) before corporate expenses, 10,600 184,400 (36,600) Corporate expenses: Advertising (general) 13,000 42,000 34,000 General administrative expense 20,000 20,000 20,000 Total corporate expenses. 33,000 62,000 54,000 Net operating income (loss) $ (22,400) (122,400) $ (90,600) 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 variable expenses Traceable fixed expenses: 1 Total traceable fixed expenses Common fixed expenses: Total common fixed expense Net operating income (loss) Total Company Amount West Central East % Amount % Amount % Amount %