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 West $311,000 Sales Region Central $803,000 East $ 703,000 95,000 242,000 312,000 101,000 237,000 242,000 59,000 60,000 114,000 8,700 15,500 14,200 Depreciation 23,000 30,000 26,000 Shipping expense 17,000 31,000 44,000 Total regional expenses 303,700 615,500 752,200 Regional income (loss) before corporate expenses 7,300 187,500 (49,200) Corporate expenses: Advertising (general) 12,000 38,000 34,000 General administrative expense 19,000 19,000 19,000 Total corporate expenses 31,000 57,000 53,000 Net operating income (loss) $ (23,700) $ 130,500 $ (102,200) 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.)