Minnesota Bread Company bakes 3 products:donuts, bread, and pastries.It sells them in the cities of Minneapolis and St. Paul.For March, its first month of operation, the following income statement was prepared, which has a functional approach and allocated the common fixed costs to the 2 Territories equally.

Part 4 Minnesota Bread Company bakes 3 products: donuts, bread, and pastries. It sells them in the cities of Minneapolis and St. Paul. For March, its first month of operation, the following income statement was prepared, which has a functional approach and allocated the common fixed costs to the 2 Territories equally. Minnesota Bread Company Territory and Company Income Statements For Month of March Minneapolis St. Paul Total Sales $ 8,400 $ 6,800 $ 15,200 Cost of Goods sold 4796 (3894) 8690) Gross profit 3604 2906 6510 Selling and Administrative expenses (2755) (2155) (4910) Net Income 849 $ 751 $ 1,600 Sales and selected variable expense data are as follows: Products Donuts Bread Pastries Sales in Minneapolis $3,800 $2,650 $1,950 Sales in St. Pau $3,250 $2, 150 $1,400 Variable baking expenses as a percentage of sales 50% 50% 40% Variable selling expenses as a percentage of sales 10% 20% 20% Fixed baking expenses-direct $565 $450 $410 Fixed selling and Administrative expenses-common unallocated $2,575 Required: 1. Prepare a segment income statements showing the product margin for each product. Include a column for the entire company. Please use the template below: Minnesota Bread Company Product and Company Income Statements For Month of March Donuts Bread Pastries Company Sales Minneapolis St. Paul Total Variable Expenses: Baking Selling Total Contribution Margin Direct Fixed baking expenses Product Margin Less unallocated fixed costs Net Income