Mini$-$Exercise $15-7($Algo$)$ Segmented income statement LO $15-8$

ABC Company operates two divisions with the following sales and expense information for the month of May:

Division $1$: sales, $$142,000$; contribution margin ratio, $50\%$; direct fixed expenses, $$29,500.$

Division $2$: sales, $$96,500$; contribution margin ratio, $70\%$; direct fixed expenses, $$18,750.$

ABC Company's total fixed expenses during May was $$119,800$

Required:

Prepare a segmented income statement for ABC Company to determine the segment margin for Divisions $1$ and $2$ and the operating

income for ABC Company.