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 $ 314,000 Sales Region Central East $ 796,000 $ 704,000 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) 94,000 102,000 54,000 9,400 21,000 17,000 297, 400 16,600 244,000 235,000 55,000 16,400 35,000 32,000 617,400 178,600 317,000 237,000 110,000 13,500 27,000 43,000 747,500 (43,500) 17,000 21,000 38,000 $ (21,400) 39,000 21,000 60,000 $ 118,600 33,000 21,000 54,000 $ (97,500) 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: Total variable expenses Traceable fixed expenses: Total traceable fixed expenses Common fixed expenses: Total common fixed expense Net operating income (loss)