Question 7 Not complete Mark 0.38 out of 1.00 Rag question Income Statements Segmented by Products Clay Consulting Firm provides three types of client services in three health-care-related industries. The income statement for July is as follows: Clay Consulting Firm Income Statement For Month of July Sales $900,000 Less variable costs (604,000) Contribution margin 296,000 Less fixed expenses Service $70,000 Selling and administrative 65.000 (135.000) Net income $161,000 5 The sales, contribution margin ratios, and direct foved expenses for the three types of services are as follows: Hospitals Physicians Nursing Care Sales $340,000 $260,000 $300,000 Contribution margin ratio 304 40% 30% Direct fixed expenses of services $19,000 $14,000 $20,000 Allocated common fixed service expenses $1,000 $1,000 Prepare income statements segmented by client categories. Include a column for the entire firm in the statement Do not use negative signs with your answers. Clay Consulting Firm Product and Company Income Statements For the Month of July Hospitals Physicians Nursing Care Company Totals 340,000 5 260,000 $ 300,000 $ 900,000 Variable costs Ox OX Ox 604,000 Contribution margin 102,000 OX90,000 OX Direct fixed expenses Product margin OX Allocated common costs 1,000 1.000 1,500 3,500 Product income 5 0X5 OXS OX Unallocated common expenses: Selling and administrative 65,000 Service (less direct fixed expenses and allocated common costs) Total Net income Check