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Problem 6-26 (Algo) Restructuring a Segmented Income Statement (L06-4) Millard Corporation is a wholesale distributor of office products. It purchases office products from manufacturers and distributes them in the West, Central and East regions. Each of these regions is about the same size and each has its own manager and sales staff, The company has been experiencing losses for many months. In an effort to improve performance, management has requested that the monthly income statement be segmented by sales region. The company's first effort at preparing a segmented income statement for May is given below. West $ 313,000 Sales Region Central $ 884,800 East $ 703,000 Sales Regional expenses (traceable): Cost of goods sold Advertising Salaries Utilities Depreciation Shipping expense Total regional expenses Regional income (Loss) before corporate Lapen Corporate expenses: Advertising (general) General administrative expense Total corporate expenses Net operating income (loss) 95, 80 102,880 54 , 9, eee 22,000 14,000 296,000 17,000 243,888 244,000 51,000 16,000 33,000 27,eee 614,000 190,00 311,000 238,000 188,000 13,900 28,000 41,000 739,900 (36,908) 17.ee 18. eee 35,600 $ (18,000) 42,000 18 , 60,000 (130,000) 37,000 18,000 55,000 $ (91,900) The cost of goods sold and shipping expense are both variable. All other costs are fixed. 1 Required: 3. Prepare a new contribution format segmented income statement for May. (Round percentage answers to 1 decimal place.) West East Total Company Amount % $ 1,820,000 Amount Central Amount $ 804,000 % Amount $ 703,000 $ 313,000 Sales Variable expenses. Cost of goods sold Required: 3. Prepare a new contribution format segmented income statement for May (Round percentage answers to 1 decimal place.) West Total Company Amount % Central East % % Amount $ 313,000 $ 1,820,000 Amount $ 804,000 Amount $ 703,000 Sales Variable expenses Cost of goods sold Shipping expense 0.0 0 0 0.0 0 Total variable expenses Contribution margin Traceable fixed expenses 1,820,000 0.0 0.0 0.0 0.0 0.0 313,000 804,000 0.0 703,000 Advertising Salaries Utilities Depreciation 0 0.0 0 0.0 0 0.0 0.0 0 0.0 $ 804,000 1,820,000 0.0 $ 313,000 0.0 $ 703.000 0.0 Total traceable fixed expenses Regional segment margin Common fixed expenses: Advertising (general) General administration 0 0.0 Total common fixed expense O Oo $ 1.820,000 0.0 Net operating income (loss)