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. West $ 312,000 Sales Region Central $ 796,000 East $ 704,000 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) 100,000 101,800 58,000 9,000 24,000 14,000 306,000 6,000 238,000 238,000 53,000 15,700 35,000 32,800 611,700 184, 300 314,000 243,000 109,000 13,800 27,000 35,000 741,800 (37,800) 13,000 18,888 31,000 5 (25,880) 40,000 18,000 58,600 (126,300) 35,000 18,000 53,000 $ (99,880) 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.) West Central Total Company Amount % Amount % Amount % Amount Variable expenses Total vanable expenses Traceable foxed expenses Total traceable foxed expenses Common faced expenses Total common foxed expense Nel operating income (loss)