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 $ 312,000 Sales Region Central $ 797,000 East $ 699,000 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 56,000 8,700 21,000 16,000 299,700 12,300 244,000 241,000 55,000 15,900 31,000 34,000 620,900 176, 100 314,000 241,000 105,000 14,100 26,000 42,000 742,100 (43,100) 17,000 20,000 37,000 $ (24,700) 40,000 20,000 60,000 $ 116,100 34,000 20,000 54,000 $ (97,100) The cost of goods sold and shipping expense are both variable. All other costs are fixed. 3. Prepare a new contribution format segmented income statement for May. (Round percentage answers to 1 decimal place.) Total Company Amount % West Amount Central Amount East Amount % % % Variable expenses: Total variable expenses 0 0.0 0 0.0 0 0.0 0 0.0 0 0.0 0 0.0 0 0.0 0 0.0 Traceable fixed expenses: Total traceable fixed expenses 0 0 0 0 0.0 0.0 0.0 $ 0.0 0.0 $ 0.0 0.0 $ 0 0 0 0.0 Common fixed expenses: Total common fixed expense 0 0.0 0.0 Net operating income (loss) $ $ 0