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The Regal Cycle Company manufactures three types of bicycles-a dit bike, a mountain bike, and a racing bike. Data on sales and expenses for the past quarter follow: Racing Sales 94 Dirt Mountain Total Bikes Bikes Bikes 5 925,000 $264,000 $ 406,000 5 255,000 Variable manufacturing and selling expenses 475.000 115,000 204,000 156.000 Contribution margin 450,000 149.000 202 000 99.000 Fixed expenses: Advertising, traceable 59.100 40,100 20,00 Depreciation of special equipment 43,100 20.400 7,500 15,200 Salaries of product-line managers 114,200 40,00 38,700 35, 100 Allocated common fixed expenses 185,000 52,800 81,200 51,000 Total fixed expenses 411.400 122300 162.500 121,500 Net operating Incone (loss) 5 35.600 $ 26,700 $ 34,500 $(72,600 8,700 "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, Required 1 Required 2 Required 3 Should the production and sale of racing bikes be discontinue OYes ONO 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 0 0 0 Contribution margin (loss) Traceable fixed expenses 0 0 0 0 Total traceable fixed expenses Product line segment margin (loss) 0 $ 0 S 0 $ Net operating income (loss) S 0