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 $ 310,000 Sales Region Central East $ 799,000 $ 702,000 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) 92,000 109,000 55,000 8,900 18,000 12,000 294,900 15,100 245,000 243,000 53,000 16,300 34,000 34,000 625,300 173,700 313,000 238,000 107,000 14,300 30,000 36,000 738,300 (36,300) 17,000 21,000 38,000 $ (22,900) 41,000 21,000 62,000 $ 111,700 34,000 21,000 55,000 $ (91,300) 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 % Sales Variable expenses: Cost of goods sold Shipping expense Total variable expenses Contribution margin Traceable fixed expenses: Salaries Utilities Advertising Depreciation Total traceable fixed expenses Common fixed expenses: Advertising Advertising (general) Total common fixed expense Net operating income (loss)