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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 Mountain Total Dirt Bikes Bikes Racing Bikes Sales $928,000 $ 270,000 $ 406,000 $ 252,000 Variable manufacturing and selling expenses 477,000 111,000 208,000 158,000 Contribution margin 451,000 159,000 198,000 94,000 Fixed expensest Advertising, traceable 68,700 8,300 40,300 20,100 Depreciation of special equipment 43,200 20,300 7.700 15,200 Salaries of product-Line managers 115,500 40,200 38,600 36,700 Allocated common fixed expenses 185,600 54,000 81,200 50,400 Total fixed expenses 413,000 122,800 167,800 122,400 Net operating income (toss) $ 38,000 $ 36,200 3 30,200 $ (28,400) "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 properly formatted segmented income statement that would be more useful to management in assessing the long-run profitability of the various product lines. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 What is the financial advantage (disadvantage) per quarter of discontinuing the Racing Bikes? Financial (disadvantage) per quarter 9,600 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Should the production and sale of racing bikes be discontinued? Yes No Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 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 Contribution margin (loss) Traceable foxed expenses 0 0 0 0 0 0 Total traceable fixed expenses Product line segment margin (los) 0 0 0 $ 0 S 0 $ 0 Net operating income (los) $ 0 (Required 2