Problem 6-26 (Algo) Restructuring a Segmented Income Statement (L06-4) 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 Region West Central East Sales $ 312,000 $ 805,000 $ 696,000 Regional expenses (traceable): Cost of goods sold 97,000 236,000 313,000 Advertising 101,900 243,000 243,800 Salaries 57,000 59,000 115,000 Utilities 8,900 15,700 13,800 Depreciation 20,000 33,000 29,000 Shipping expense 13, cea 34,000 35,000 Total regional expenses 296,900 620,700 748,800 Regional incone (loss) before corporate expenses 15, 100 184,300 (52,800) Corporate expenses: Advertising (general) 17,000 38,000 35,000 General administrative expense 19,000 19,000 19,000 Total corporate expenses 36,800 57,000 54,000 Net operating income (loss) 3 (20,980) (127,300) $ (106,800) 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.) Required: 3. Prepare a new contribution format segmented income statement for May, (Round percentage answers to 1 decimal place.) West Central East Total Company Amount % Amount % Amount % Amount % Variable expenses Total variable expenses Traceable food expenses Total traceable fixed expenses Common fixed expenses: Total common fixed expense Net operating income (los)