Segmented Income Statement Gorman Nurseries Inc. grows poinsettias and fruit trees in a green house/nursery operation. The following information was provided for the coming year. Poinsettias Fruit Trees Sales $970,000 $3,100,000 Variable cost of goods sold 460,000 1,630,000 Direct fixed overhead 160,000 200,000 A sales commission of 4% of sales is paid for each of the two product lines. Direct fixed selling and administrative expense was estimated to be $146,000 for the poinsettia line and $87,000 for the fruit tree line. Common fixed overhead for the nursery operation was estimated to be $800,000; common selling and administrative expense was estimated to be $450,000. Required: Prepare a segmented income statement for Gorman Nurseries for the coming year, using variable costing. Note: Enter all amounts as positive numbers except operating loss, if applicable. Gorman Nurseries Inc. Segmented Income Statement For the Coming Year blank Poinsettias Fruit Trees Total blank Sales $Sales 970,000 $Sales 3,100,000 $Sales 4,070,000 blank Less variable expenses: blank blank blank blank Variable cost of goods sold Variable cost of goods sold -460,000 Variable cost of goods sold -1,630,000 Variable cost of goods sold -2,090,000 blank Variable selling expense Variable selling expense -38,800 Variable selling expense -124,000 Variable selling expense -162,800 blank Contribution margin $fill in the blank 13 471,200 $fill in the blank 14 1,346,000 $fill in the blank 15 1,817,200 blank Less direct fixed expenses: blank blank blank blank Direct fixed overhead Direct fixed overhead -160,000 Direct fixed overhead -200,000 Direct fixed overhead -360,000 blank Direct selling and administrative Direct selling and administrative -146,000 Direct selling and administrative -87,000 Direct selling and administrative -233,000 blank Segment margin $fill in the blank 24 165,200 $fill in the blank 25 1,059,000 $fill in the blank 26 1,224,200 blank Less common fixed expenses: blank blank blank blank Common fixed overhead blank blank Common fixed overhead -800,000 blank Common selling and administrative blank blank Common selling and administrative -450,000 blank Operating Loss blank blank $Operating Loss -450,000 blank Feedback Area Feedback Select the line item description and fill in the amounts for each segment and total. Review the "How to Prepare a Segmented Income Statement" example in your text.