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. Sales Regii Central $ 797,000 West $ 312,000 East $ 697,000 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 (los) 96.000 105.000 59,000 9.100 21,000 17.000 307.100 4,900 236,000 239,000 58,000 16,000 32,000 32,000 613,000 104.000 316,000 237,000 109,000 14,000 28.000 42.000 1746,000 15.000 000 000 $(31,100) 39.000 21,000 60,000 $ 124,000 35,000 21.000 56,000 (105,000) 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.) Total Company Amount % West Amount Central Amount East Amount % % Variable expenses Total variable expenses 0. 00 0. 00 0. 00 0.0 0. 00 0. 00 0. 00 0.0 Traceable foxed expenses: Total traceable fixed expenses 0. 00 0. 00 0. 00 0.0 0 0.0 5 000 3 000 000 Common food expenses Total common forced expense Net operating income (los) 5 0 0.0