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Losses have been incurred at Millard Corporation for some time. In an effort to isolate the problem and improve the company's performance, management has requested that the monthly income statement be segmented by sales region. The company's first effort at preparing a segmented statement is given below. This statement is for May, the most recent month of activity. Sales Region Central $ 796,000 West 311,000 $ East $ 697,000 Sales Regional expenses (traceable): Cost of goods sold Advertising Salaries Utilities Depreciation Shipping expense Total regional expenses Regional income (loss) before corporate expenses Corporate expenses: Advertising (general) General administrative expense Total corporate expenses Net operating income (loss) 100,000 109,000 56,000 9,300 21,000 13,000 308,300 2.700 242,000 237,000 53,000 15,700 28,000 31,000 606,700 189,300 318,000 241,000 114,000 14.000 27,000 39,000 753,000 (56,000) 17,000 21,000 38,000 (35,300) 41.000 21.000 62,000 $ 127,300 32,000 21,000 53,000 $ (109,000) $ Cost of goods sold and shipping expense are both variable; other costs are all fixed. Millard Corporation is a wholesale distributor of office products. It purchases office products from manufacturers and distributes them in the three regions given above. The three regions are about the same size, and each has its own manager and sales staff. The products that the company distributes vary widely in profitability. Required: 3. Prepare a new contribution format segmented income statement for May. Show a Total column as well as data for each region. In addition, for the company as a whole and for each sales region, show each item on the segmented income statement as a percent of sales. (Note: % columns may not total due to rounding.) Round percentage answers to 1 decimal place (i.e.1234 should be entered as 12.3)