Problem 7-26 (Algo) Restructuring a Segmented Income Statement (L07-4] 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 $ 313,000 $ 798,000 $ 696,000 Regional expenses (traceable) Cost of goods sold 94,000 235,000 317,000 Advertising 109,000 242,000 236,000 Salaries 56,000 53,000 105,000 Utilities 9,000 16,100 13,600 Depreciation 18,000 29,000 28,000 Shipping expenso 16,000 27.000 44,000 Total regional expenses 302,000 602.100 743,600 Regional income (loss) before corporate expenses 11,000 195,900 (42,600) Corporate expenses Advertising (general) 18,000 38,000 34,000 General administrative expense 19,000 19.000 19,000 Total corporate expenses 37,000 57,000 53,000 Net operating income (los) $ (26,000) $ 138,900 $ (100,600) 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 East Total Company Amount % Central Amount Amount % Amount Variable expenses 0 Total variable expenses 0 0.0 0 00 0 00 0.0 0.0 0.0 0 0 0.0 0 0 00 Traceable fixed expenses Total traceable fixed expenses 0 0 0.0 005 0 0 00 0.01$ 0.0 00 $ 0 0 0.0 0.0 0 Common food expenses: Total common foxed expense Net operating income (loss) 0 0 00 00