Problem 7-26 (Algo) Restructuring a Segmented Income Statement [LO7-4] Millard Corporation is a wholesale distributor of office products. It purchases office products from manufacturers and distributes them In the West, Central, and East reglons. Each of these regions is about the same size and each has its own manager and sales staff. The company has been experlencing losses for many months. In an effort to Improve performance, management has requested that the monthly Income statement be segmented by sales reglon. The company's first effort at preparing a segmented Income statement for May is given below. The cost of goods sold and shipping expense are both varlable. All other costs are fixed. Requlred: 3. Prepare a new contribution format segmented income statement for May. (Round percentage answers to 1 decimal place.) 3. Prepare a new contribution format segmented income statement for May. (Round percentage answers to 1 decimal place.) \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline & \multicolumn{2}{|c|}{ Total Company } & \multicolumn{2}{|c|}{ West } & \multicolumn{2}{|c|}{ Central } & \multicolumn{2}{|c|}{ East } \\ \hline & Amount & % & Amount & % & Amount & % & Amount & % \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ Variable expenses: } \\ \hline & & & & & & & & \\ \hline & & & & & & & & \\ \hline & & & & & & & & \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ Total variable expenses } \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ Traceable fixed expenses: } \\ \hline & & & & & & & & \\ \hline & & & & & & & & \\ \hline & & & & & & & & \\ \hline & & & & & & & & \\ \hline & & & & & & & & \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ Total traceable fixed expenses } \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ Common fixed expenses: } \\ \hline & & & & & & & & \\ \hline & & & & & & & & \\ \hline & & & & & & & & \\ \hline & & & & & & & & \\ \hline \multicolumn{9}{|l|}{ Total common fixed expense } \\ \hline Net operating income (loss) & & & & & & & & \\ \hline \end{tabular}