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 $ 800,000 $ 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) 97,000 101,000 57,000 8,600 18,000 17,000 298,600 11,400 241,000 237,000 59,000 16,200 35,000 27,000 615, 200 184,800 320,000 245,000 105,000 14,400 28,000 37,000 749, 400 (45,400) 17,000 19,000 36,000 $ (24,600) 41,000 36,000 19,000 19,000 60,000 55,000 $ 124,800 $(100,400) 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.) 3. Prepare a Segmen me Slaterie May. (Roun percentage answers place.) West East Total Company Amount % Central Amount Amount % % Amount % Sales 100.0 100.0 100.0 Variable expenses: Cost of goods sold Shipping expense 0 0.0 0 0.0 0 0.0 0 0.0 0 100.0 0 100.0 0 100.0 0 0.0 Total variable expenses Contribution margin Traceable fixed expenses: Salaries Utilities Advertising Depreciation 0 0.0 0 0.0 0 0.0 0.0 0 100.0 $ 0 100.0 $ 0 100.0 $ 0 0.0 Total traceable fixed expenses Gross margin Common fixed expenses: Advertising (general) General administration Total common fixed expense 0 0.0 Net operating income (loss) $ 0 100.0