Walls Ford had the following data for the year's operations: (Click the icon to view the data.) The president of the dealership has long regarded the markup on material and labor for the parts and service activity as the amount that is supposed to cover all parts and service overhead plus some general overhead of the dealership. In other words, the parts and service department is viewed as a cost-recovery operation, while the sales of vehicles is viewed as the income-producing activity. Read the requirements. Requirement 1. Prepare a departmentalized operating statement that harmonizes with the views of the president. (Enter a "0" for any zero-balances.) Parts and Service Vehicles Data Table Sales MI Cost of sales Parts and service materials Parts and service labor Sales commissions Subtotal of costs Markup on variable material and labor* Parts and service overhead Advertising Sales salaries General dealership overhead Net income * Roughly equivalent to contribution margin Sales of vehicles Sales of parts and service Cost of vehicle sales Parts and service materials Parts and service labor Parts and service overhead General dealership overhead Advertising of vehicles Sales commissions, vehicles Sales salaries, vehicles 2,000,000 400,000 1,100,000 120,000 80,000 32,000 208,000 150,000 20,000 88,000 Print Done