Shannon Company segments its income statement into its North and South Divisions. The companys overall sales, contribution margin ratio, and net operating income are $490,000, 38%, and $9,800, respectively. The North Divisions contribution margin and contribution margin ratio are $100,800 and 42%, respectively. The South Divisions segment margin is $35,000. The company has $68,600 of common fixed expenses that cannot be traced to either division. Required: Prepare an income statement for Shannon Company that uses the contribution format and is segmented by divisions. In addition, for the company as a whole and for each segment, show each item on the segmented income statements as a percent of sales. (Round your percentage answers to 1 decimal place (i.e. 0.1234 should be entered as 12.3).)

Check my work 3 Shannon Company segments its income statement into its North and South Divisions. The company's overall sales, contribution margin ratio, and net operating income are $490,000, 38%, and $9,800, respectively. The North Division's contribution margin and contribution margin ratio are $100,800 and 42%, respectively. The South Division's segment margin is $35,000. The company has $68,600 of common fixed expenses that cannot be traced to either division. 10 points Required Prepare an income statement for Shannon Company that uses the contribution format and is segmented by divisions. In addition, for the company as a whole and for each segment, show each item on the segmented income statements as a percent of sales. (Round your percentage answers to 1 decimal place (i.e. 0.1234 should be entered as 12.3).) eBook Hint Print References Divisions North Total Company South Amount Amount Amount Sales $ 490,000 303,800 186,200 107,800 78,400 68,600 $9,800 100.0 58.0 42.0 100.0 62.0 38.0 100.0 riable expenses Contribution margin Traceable fixed expenses Territorial segment margin Common fixed expenses Net operating income 100,800 35,000 2.0