Problem 6-26 (Algo) Restructuring a Segmented Income Statement [LO6-4) 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 $ 311,000 Salon Region Central $797,000 East $.701,000 Sales Regional expenses (traceable) Coat of goods sold Advertising Salaries Utilities Depreciation Shipping expense Total regional expenses Regional income (los) before corporate expenses Corporate expenses Advertising (general) General administrative expense Total corporate expenses Het operating Income (los) 97,000 101,000 56,000 9.400 21.000 17.000 301,400 9.500 239.000 244,000 51,000 16,000 31,000 32,000 613.000 184,000 320,000 236,000 112,000 13,900 28.000 39.000 748,900 (47.900) 17,000 22.000 39,000 5 (29,400) 39,000 22.000 61,000 (123,000) 36,000 22.000 58.000 $ (105,900) 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.) 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.) West Central East Total Company Amount % Amount Amount Amount % Variable expenses 0 0.0 0 00 0 0.0 0.0 0 00 0.0 Total variable expenses 0 0.0 0 00 0 Traceable foed expenses 0 00 0 0 0 0.0 0,01$ 0.0 00 $ 0.0 0.01$ 0 0.0 Total traceable fixed expenses 0 0 0 Common fixed expenses O 0.0 Total common fixed expense Net operating income (los) 5 0 0.0