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. West $ 314,000 Sales Region Central East $ 795,000 $ 700,000 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) 94,000 102,000 53,000 8,600 20,000 12,000 289,600 24,400 239,000 239,000 59,000 15,800 33,000 29,000 614,800 180,200 313,000 245,000 112,000 13,500 27,000 37,000 747,500 (47,500) 16,000 19,000 35,000 $ (10,600) 41,000 19,000 60,000 $ 120,200 38,000 19,000 57,000 $ (104,500) 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.) West Central East Total Company Amount % Amount % Amount % Amount % Variable expenses: Total variable expenses Traceable fixed expenses: Total traceable fixed expenses Common fixed expenses: Total common fixed expense Net operating income (loss)