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Shannon Company segments its income statement into its North and South Divisions. The company's overall sales, contribution margin ratio, and net operating income are $720,000, 44%, and $14.400, respectively. The North Division's contribution margin and contribution margin ratio are $129,600 and 48%, respectively. The South Division's segment margin is $76,500. The company has $122.400 of common fixed expenses that cannot be traced to either division. Required: Prepare an income statement for Shannon Company that uses the contribution format and is segmented by divisions. In addition, for the company as a whole and for each segment, show each item on the segmented income statements as a percent of sales. (Round your percentage answers to 1 decimal place (l.e 1234 should be entered as 12.3).) Divisions Total Company North South % Amount Amount % Amount % Required Information [The following information applies to the questions displayed below] Jorgansen Lighting, Incorporated, manufactures heavy-duty street lighting systems for municipalities. The company uses variable costing for internal management reports and absorption costing for external reports to shareholders, creditors, and the government. The company has provided the following data: Year Year 2 Year Inventories Beginning (units) Ending (units) 200 120 170 200 200 220 variable costing net operating income $ 100,000 $269,000 $250,000 The company's fixed manufacturing overhead per unit was constant at $560 for all three years. Required: t Calculate each year's absorption costing net operating income. (Enter any losses or deductions as a negative value.) Reconciliation of Variable Costing and Absorption Costing Net Operating Indones Year 1 Year Year Variable costing net operating income Add (deduct) fed manufacturing overmead deferred in treleased from) inventory under absorption costing Absorption costing net operating income er 6 Homework 7 Seved [The following information applies to the questions displayed below] Jorgansen Lighting. Incorporated, manufactures heavy-duty street lighting systems for municipalities. The company uses variable costing for internal management reports and absorption costing for external reports to shareholders, creditors. and the government. The company has provided the following data: Year 1 Year 2 Year 3 Inventories Beginning (units) Ending (units) 170 200 170 200 220 Variable costing net operating income $ 300,000 200 $269,000 $ 250,000 The company's fixed manufacturing overhead per unit was constant at $560 for all three years. OK 2. Assume in Year 4 that the company's variable costing net operating income was $240,000 and its absorption costing net operating Income was $300.000 a. Did Inventories increase or decrease during Year 4? inces Increase Decrease b. How much fixed manufacturing overhead cost was deferred or released from inventory during Year 4? ed manufacturing overhead cost Tintory duriria Year 4