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 Advertising (general) expenses Corporate expenses: General administrative expense Total corporate expenses Net operating income (loss) Sales Region West $ 450,000 Central $ 800,000 East $ 750,000 162,900 280,000 376,500 108,000 200,000 210,000 90,000 88,000 135,000 13,500 12,000 15,000 27,000 28,000 30,000 17,100 32,000 28,500 418,500 640,000 795,000 31,500 160,000 (45,000) 18,000 32,000 30,000 50,000 50,000 50,000 68,000 82,000 80,000 $ (36,500) $ 78,000 $ (125,000) 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.) Total Company West Control. Fest Variable expenses: Total variable expenses Traceable fixed expenses: Total traceable fixed expenses Common fixed expenses: Total common fixed expense Net operating income (loss) Total Company Amount West Central East % Amount % Amount % Amount %