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 $ 803,000 $ 696,000 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) 92,000 106,000 56,000 8,700 18,000 18,000 298,700 11,300 237,000 241,000 60,000 15,600 32,000 28,000 613,600 189,400 311,000 241,000 112,000 13,800 29,000 40,000 746,800 (50,800) 14,000 21,000 35,000 $ (23,700) 41,000 21,000 62,000 $ 127,400 33,000 21,000 54,000 $(104,800) 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.) West East Total Company Amount % Central 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)