Problem $12-11$ Preparing Segment Performance Reports $($LO$1-$ CC$2,3)($Algo$)$

ndia Spices Foods $($ISF$)$ prepares and sells frozen curry dinners. The company reported the following operating results for $2024,$ in which there were no inventories of dinners at the beginning and end of the year:

INDIA SPICES FOODS

Income Statement

For the Year Ended December $31,2024$

Sales $ $1,260,000$

Cost of goods sold $728,000$

Gross margin $532,000$

Selling and administrative expenses $340,000$

Operating income $ $192,000$

ISF sells two types of curry foods$$chicken and lamb$$and operates in Ontario and western Canada. Information on sales and costs is as follows:

Chicken Lamb Total

Regional sales percentage of national sales:

Ontario $40\%24\%64\%$

Western Canada $211536$

Total $61\%39\%100\%$

Costs as percentage of regional sales:

Variable production costs $41\%41\%$

Variable selling expenses $14\%14\%$

Fixed costs by product:

Traceable fixed expenses $ $64,000$ $ $64,000$ $ $128,000$

Common fixed costs Remainder of total costs

The following information is for lamb products only:

Ontario Western Canada Total

Costs as percentage of regional lamb sales:

Variable production costs $46\%33\mathrm{.}00\%$

Variable selling expenses $13\%16\%$

Fixed costs by region:

Traceable fixed expenses $ $26,000$ $ $38,000$ $ $64,000$

Required:

$1.$ Prepare, in good form, an income statement segmented by product line, showing the corresponding company totals. Use Exhibit $123$ as a guide. $($Round "Percentage" answers to $2$ decimal places, $($i$.$e$.,0\mathrm{.}1234$ should be considered as $12\mathrm{.}34\%).$ Round your answers to nearest dollar amount.$)$

$2.$ Prepare, in good form, a segmented performance report for lamb curry dinners by region. $($Round "Percentage" answers to $2$ decimal places, $($i$.$e$.,0\mathrm{.}1234$ should be considered as $12\mathrm{.}34\%).$ Round your answers to nearest dollar amount.$)$