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 $804,000 $ 700,000 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) 98,000 109,000 53,000 8,800 18,000 17,000 303,800 235,000 237,000 54,000 15,900 32,000 33,000 606,900 319,000 245,000 115,000 14,200 28,000 39,000 760,200 6,200 197,100 (60, 200) 12,000 19,000 31,000 $(24,800) 39,000 36,000 19,000 19,000 58,000 55,000 $139,100 $(115,200) The cost of goods sold and shipping expense are both variable. All other costs are fixed. 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 Amount % West Amount Central Amount % East Amount % % Variable expenses: Total variable expenses Traceable fixed expenses: Total traceable fixed expenses Common fixed expenses: Total common fixed expense Net operating income (loss)