Exercise $6-7($Algo$)$ Segmented Income Statement $[$LO$6-4]$

Shannon Company segments its income statement into North and South Divisions. The company's overall sales, contribution margin ratio, and net operating income are $\backslash (\backslash$$ $660,000,42\backslash \%\backslash ),$ and $\backslash (\backslash$$ $13,200\backslash ),$ respectively. The North Division's contribution margin and contribution margin ratio are $\backslash (\backslash$$ $119,600\backslash )$ and $\backslash (46\backslash \%\backslash ),$ respectively. The South Division's segment margin is $\backslash (\backslash$$ $64,000\backslash ).$ The company has $\backslash (\backslash$$ $105,600\backslash )$ of common fixed expenses that cannot be traced to either division.

Required:

Prepare a segmented income statement for Shannon Company using the contribution format. For the company as a whole and for each division, show each item on the segmented income statements as a percent of sales.

Note: Round your percentage answers to $1$ decimal place $($i$.$e $\mathrm{.}1234$ should be entered as $12\mathrm{.}3).$

$\backslash$begin$\{$tabular$\}\{|$c$|$c$|$c$|$c$|$c$|$c$|$c$|\}$

$\backslash$hline $\backslash$multirow$[$t$]\{3\}\{*\}\{\}$ & $\backslash$multicolumn$\{2\}\{|$l$|\}\{\backslash$multirow$[$b$]\{2\}\{*\}\{$Total Company$\}\}$ & $\backslash$multicolumn$\{4\}\{|$c$|\}\{$Divisions$\}\backslash \backslash$

$\backslash$hline & & & $\backslash$multicolumn$\{2\}\{|$c$|\}\{$North$\}$ & $\backslash$multicolumn$\{2\}\{|$c$|\}\{$South$\}\backslash \backslash$

$\backslash$hline & Amount & $\backslash (\backslash \%\backslash )$ & Amount & $\backslash (\backslash \%\backslash )$ & Amount & $\backslash (\backslash \%\backslash )\backslash \backslash$

$\backslash$hline Sales & $\backslash$$ $660,000$ & & & & & $\backslash \backslash$

$\backslash$hline Variable expenses & $277,200$ & & & & & $\backslash \backslash$

$\backslash$hline Contribution margin & & & & & & $\backslash \backslash$

$\backslash$hline Traceable fixed expenses & & & & & & $\backslash \backslash$

$\backslash$hline Territorial segment margin & & & & & & $\backslash \backslash$

$\backslash$hline Common fixed expenses & & & & & & $\backslash \backslash$

$\backslash$hline Net operating income & & & & & & $\backslash \backslash$

$\backslash$hline

$\backslash$end$\{$tabular$\}$