Required: 3. Prepare a new contribution format segmented income statement for May. (Round percentage answers to 1 decimal place.) Total Company West Central East Amount % Amount % Amount % Amount % Variable expenses: Total variable expenses Traceable fixed expenses: Total traceable fixed expenses Common fixed expenses Total common fixed expense Net operating income (loss)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 East Sales $ 450, 000 $ 800, 000 $ 750, 000 Regional expenses (traceable): Cost of goods sold 162,900 280, 000 376,500 Advertising 108, 000 200, 000 210,000 Salaries 90, 000 88, 000 135, 000 Utilities 13, 500 12, 000 15, 000 Depreciation 27, 000 28, 000 30,000 Shipping expense 17, 100 32, 000 28,500 Total regional expenses 418, 500 640, 000 795, 000 Regional income (loss) before corporate expenses 31, 500 160, 000 (45, 090 Corporate expenses : Advertising (general) 18, 000 32, 000 30,000 General administrative expense 50,000 50, 000 50,000 Total corporate expenses 68, 000 82,006 80, 000 Net operating income (loss) $ (36,500) $ 78,000 $ (125, 000) The cost of goods sold and shipping expense are both variable. All other costs are fixed