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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
Shannon Company segments its income statement into its North and South Divisions. The companys overall sales, contribution margin ratio, and net operating income are $ and $ respectively. The North Divisions contribution margin and contribution margin ratio are $ and respectively. The South Divisions segment margin is $ The company has $ 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.
Note: Round your percentage answers to decimal place ie should be entered as
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