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 $ 311,000 Sales Region Central East $ 799,000 $ 700,000 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) 99,000 104,000 53,000 9,000 23,000 15,000 303,000 8,000 241,000 242,800 50, 800 16,000 29,000 25,000 603,000 196,000 312,000 239,000 111,000 14,300 26,000 36.000 738,300 (38,300) 18,000 18,000 36,000 $ (28,000) 38,080 18,000 56,000 $ 140,000 33,000 18.000 51,000 $ (89,380) 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 East Total Company Amount Amount Amount % Amount % Variable expenses Total variable expenses Traceable fixed expenses Total traceable fixed expenses Common fixed expenses Common foxed expenses Total common fixed expense Net operating income (oss)