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 Central $ 796,000 West $ 313,000 East $ 699,000 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) 98,000 103,000 51,000 8,500 20,000 15,000 295,500 17,500 239,000 236,000 54,000 15,800 33,000 32,000 609,800 186, 200 315,000 237,000 114,000 13,900 26,000 36,000 741,900 (42,900) 33,000 20,000 14,000 20,000 34,000 $ (16,500) 40,000 20,000 60,000 (126,200) 53,000 $ (95,900) 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 Central East Amount % Amount % Amount % Amount % Variable expenses: 3. Prepare a new contribution format segmented income statement for May. (Round percentage answers to 1 decimal place.) Total Company West Central East Amount % Amount % Amount % Amount % Variable expenses: Total variable expenses Traceable fixed expenses: Total traceable fixed expenses Common fixed expenses: Total common fixed expense Net operating income (loss)