Problem 6-26 (Algo) Restructuring a Segmented Income Statement [LO6-4] Millard Corporation is a wholesale distributor of office products. It purchases office products from manufacturers and distributes them In the West, Central, and East regions. Each of these regions is about the same size and each has its own manager and sales staff. The company has been experiencing losses for many months. In an effort to improve performance, management has requested that the monthly income statement be segmented by sales region. The company's first effort at preparing a segmented Income statement for May is given below. Sales Regional expenses (traceable): Cost of goods sold Advertising Salaries Utilities Depreciation Shipping expense Total regional expenses Regional income (loss) before corporate expenses Corporate expenses: Advertising (general) General administrative expense Total corporate expenses Net operating income (loss) West $ 310,000 Sales Region Central $ 799,000 East $ 704,000 95,000 102,000 238,000 242,000 320,000 245,000 59,000 55,000 110,000 8,500 15,700 14, 200 20,000 31,000 27,000 14,000 31,000 299,500 612,700 38,000 754,200 10,500 136,300 (50, 200) 17,000 43,000 37,000 20,000 20,000 20,000 37,000 62,000 57,000 $ (26, 500) $ 123,300 $ (107,200) The cost of goods sold and shipping expense are both variable. All other costs are fixed. Required: 3. Prepare a new contribution format segmented Income statement for May. (Round percentage answers to 1 decimal place.) Variable expenses: Total variable expenses Traceable fixed expenses: Total traceable fixed expenses Common fixed expenses: Total common fixed expense Net operating income (loss) Total Company West Central East Amount % Amount % Amount % Amount %