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Problem 7-26 (Algo) Restructuring a Segmented Income Statement [LO7-4] 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. The cost of goods sold and shipping expense are both variable. All other costs are fixed. Required: 3. Prepare a new contribution format segmented income statement for May. (Round percentage answers to 1 decimal place.) Advertising Advertising (general) Beginning merchandise inventory Commissions Cost of goods sold Depreciation Direct labor Direct materials Ending merchandise inventory Fixed manufacturing overhead General administration Indirect labor Indirect materials Purchases Salaries Sales Shipping expense Territorial segment margin Sales Shipping expense Territorial segment margin Utilities Variable manufacturing overhead