Problem 7-26 (Algo) Restructuring a Segmented Income Statement (L07-4) 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 Sales Region Central $ 801,000 East $ 696,000 Sales Regional expenses (traceable) Cost 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 Net operating income (losa) 95,000 106,000 57,000 9,000 22,000 12,000 301,000 10,000 240,000 240,000 59,000 16,200 32,000 32,000 619,200 181,800 315,000 239,000 107.000 14,100 26,000 42,000 743, 100 (47, 100) 16,000 20,000 36,000 $(26,000) 42,000 20,000 62,000 $ 119,800 33,000 20.000 53,000 $ (100,100) 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.) Required: 3. Prepare a new contribution format segmented income statement for May. (Round percentage answers to 1 decimal place.) Total Company Amount % East West Amount Central Amount % % Amount Variable expenses Total variable expenses 0 0.0 0 0 0.0 0.0 0.0 0.0 0 0 0.0 0.0 0 0.0 0 0 Traceable fixed expenses: Total traceable fixed expenses 0 0.0 0.0 0 0 0.0 0.01$ 0 0 0.0 0.0 $ 0 0 0.0 0.0 0 Common fixed expenses Total common fixed expense 0 0.0 A