Vulcan Company's contribution format income statement for June is given below: Vulcan Company Income Statement For the Month Ended June 30 S 800,000 300,000 500,000 450,000 50,000 Sales Variable expenses Contribution margin Fixed expenses Net operating income Management is disappointed with the company's performance and is wondering what can be done to improve profits. By examining sales and cost records, you have determined the following a. The company is divided into two sales territories Northern and Southern. The Northern Territory recorded $300,000 in sales and $150,000 in variable expenses during June; the remaining sales and variable expenses were recorded in the Southern Territory. Fixed expenses of $123,000 and $100,000 are traceable to the Northerrn and Southern Territories, respectively. The rest of the fixed expenses are common to the two territories b. The company is the exclusive distributor for two products Paks and Tibs. Sales of Paks and Tibs totaled $105,000 and $195,000, respectively, in the Northern territory during June. Variable expenses are 24% of the selling price for Paks and 64% for Tibs. Cost records show that $52,500 of the Northern Territory's fixed expenses are traceable to Paks and $40,950 to Tibs, with the remainder common to the two products. Required 1a. Prepare contribution format segmented income statements for the total company broken down between sales territories. (Do not round your intermediate percentage answers and round your final percentage answers to 1 decimal place i.e. .1234 should be entered as 12.3).) Answer is not complete Sales Territory Total Company Northerrn Southerrn Amount Amount $ 800,000. 300,000 500,000 223,000 277,000 Amount 500,000 50,000 350,000 100,000 250,000 100.00$ 300,000? Sales Variable expenses Contribution margin Traceable fixed expenses 50,000 150,000 123,000? 27,000 100.0 0.0 0.0 ales territory segment margin 0.0 100.0 0.0 Common fixed expenses Net operating income 277,000 100.0