Problem 7-26 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 $ 214,000 Sales Region Central East $790.000 $ 700,000 Sales Regional expenses (traceable): Cost of goods sold Advertising Salaries Utilities Depreciation Shipping expense Total regional expenses Regional income foss) before corporate expenses Corporate expenses: Advertising (general) General administrasive expense Total Corporate expenses Net operating income less 99.000 100,000 39,000 9, 300 23,000 16,000 309,300 4,700 244,000 240,000 59,000 16,100 31,000 26,000 616,100 181.900 318.000 240,000 108,000 14,500 27,000 35,000 742,500 (42.500) 13,000 21,000 39,000 $ 29, 300) 41,000 21,000 62,000 $ 119,900 32,000 21,000 58,000 $ 95,5001 The cost of goods sold and shipping expense are both variable. All other costs are fixed. 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 Total Company Amount Central East Amount Amount Amount Variable expenses: Total variable expenses 0 0 0 0 0 0.0 0.0 0.0 0.0 0.0 0.0 00 0 0 Traceable foxed expenses: Total traceable forced expenses G 0 00 0.0 0.05 0 0 0.01s 0 Common foced expenses 0 0.0 Total common faced expense Net operating income des 0.0