Problem 7-26 (Algo) Restructuring a Segmented Income Statement (L07-4) . nt 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. Sales Region West Central Sales East $ 312,000 5.797,000 5.703,000 Regional expenses (traceable): Cost of goods sold Advertising 99,000 236,000 318,000 105,000 Salaries 241,000 239,800 59,000 59,000 Utilities 107, ea 8.900 Depreciation 15,789 13,800 25,000 31,000 Shipping expense 28,000 13,000 29,000 40,000 Total regional expenses 309,900 611,700 745,800 Regional income (toss) before corporate expenses 2,100 Corporate expenses 185,300 (42,800) Advertising (general) 16,000 39,000 General administrative expense 38,000 21,000 Total corporate expenses 21,000 21.000 37,000 60,000 59,000 Net operating Incone (loss) $(34,900) $ 125,300 5 (101,800) ances 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 derimal not Check Total Company Amount % West Amount % Contral Amount East Amount % % Variable expenses Total variable expenses Traceable found expenses Total traceable fixed expenses Common fixed expenses Total common food expense Net operating income (s)