Required information SB Exercise 7-16 through Exercise 7-17 (Algo) [The following information applies to the questions displayed below.] Raner, Harris and Chan is a consulting firm that specializes in information systems for medical and dental clinics. The firm has two offices-one in Chicago and one in Minneapolis. The firm classifies the direct costs of consulting jobs as variable costs. A contribution format segmented income statement for the company's most recent year is given: Office Sales Variable expenses Contribution margin Traceable fixed expenses Office segment margin Total Company $17,500 100% 258,750 50% Chicago 51,750 309 Minneapolis $172,500 100% $345,000 100% 207,000 60% Common fixed expenses not traceable to offices 258,750 50% 144,900 28 113,850 229 72,450 146 120,750 706 138,000 40% 89,700 524 55,200 266 $31,050 189 $82,800 249 Net operating income. $ 41,400 84 Exercise 7-17 (Algo) Working with a Segmented Income Statement [LO7-4]