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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 $480,000,
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 $480,000, 36%, and $9,600, respectively. The North Division's contribution margin and contribution margin ratio are $92,000 and 40%, respectively. The South Division's segment margin is $32,500. The company has $62,400 of common fixed expenses that cannot be traced to elther divislon. 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 decimel place (I.e.0.1234 should be entered as 12.3).) Divisions Total Company Amount North South Amount Amount
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