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 $ 313,000 Sales Region Central $ 802, 000 East $ 698, 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) 98,000 105,000 52, 000 9, 200 22,000 15,000 301, 200 11, 800 236, 000 239,000 53,000 15, 800 31, 000 27,000 601, 800 200, 200 312, 000 242, 000 109,000 13, 900 30, 000 35,000 741, 900 (43, 900) 18,000 20,000 38,000 $ (26, 200) 40,000 20,000 60, 000 $ 140, 200 35,000 20,000 55,000 (98, 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.) 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)