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The Regal Cycle Company manufactures three types of bicycles-a dirt bike, a mountain bike, and a racing bike. Data on sales and expenses for the past quarter follow: Sales Variable manufacturing and selling cxpenses Contribution margin Fixed expenses: Advertising, traceable Depreciation of special equipment Salaries of product-Line managers Allocated common fixed expenses Total fixed expenses Net operating income (loss) Dirt Mountain Racing Total Bikes Bikes Bikes $926,000 $267,000 $ 406,800 $ 253,000 463,000 113,000 192,000 158,000 463,600 154,000 214,000 95,000 69,200 8,300 40,500 20,400 43,200 20,900 7,200 15,100 114,000 40,790 38,200 35, 100 185,200 53 400 81,200 50,600 411,600 123,300 167.100 121,200 $ 51,400 $ 30,700 $ 46,900 $(26,200) "Allocated on the basis of sales dollars. Management is concerned about the continued losses shown by the racing bikes and wants a recommendation as to whether or not the line should be discontinued. The special equipment used to produce racing bikes has no resale value and does not wear out. Required: 1. What is the financial advantage (disadvantage) per quarter of discontinuing the Racing Bikes? 2. Should the production and sale of racing bikes be discontinued? 3. Prepare a property formatted segmented income statement that would be more useful to management in assessing the long run profitability of the various product lines. What is the financial advantage (disadvantage) per quarter of discontinuing the Racing Bikes? Financial (disadvantage) per quarter Prepare a properly formatted segmented income statement that would be more useful to management in assessing the long- run profitability of the various product lines. Totals Dirt Bikes Mountain Bikes Racing Bikes 0 0 0 0 Sales Variable manufacturing and selling expenses Contribution margin (los) Traceable fixed expenses Advertising, traceable Depreciation of special equipment Salaries of the product line managers Total traceable foed expenses Product line segment margin (loss) Common foxed expenses Net operating income (loss) 0 0 0 0 0 $ 0 $ 0 0