9 cesMillard Corporation is a wholesale distributor of office products. It purchases office products from manufacturers and distributes themin 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 thatthe monthly income statement be segmented by sales region. The company's first effort at preparing a segmented income statementfor May is given below.SalesRegional expenses (traceable):Cost of goods soldAdvertisingSalariesUtilitiesDepreciationShipping expenseTotal regional expensesRegional income (loss) before corporate expensesCorporate expenses:Advertising (general)General administrative expenseVariable expenses:Total CompanyAmountWest$ 313,000%98,000104,00053,0008,90019,00013,000295,90017,100Sales RegionCentral$ 797,000West244,000237,00053,00016,00034,00027,00014,00040,00019,00019,00033,00059,000$ (15,900) $ 127,000Amount611,000186,000Total corporate expensesNet operating income (loss)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.)East$ 696,000%311,000245,000110,00013,70029,00037,000745,700(49,700)35,00019,00054,000$ (103,700)CentralAmount%AmountEast%

Introduction:-A contribution segment format income statement is a type of income statement that…

Millard Corporation is a wholesale distributor of office products. It purchases office products from manufacturers and distribute: in the West, Central, and East regions. Each of these regions is about the same size and each has its own manager and sales st The company has been experiencing losses for many months. In an effort to improve performance, management has requested the monthly income statement be segmented by sales region. The company's first effort at preparing a segmented income stat for May is given below. Sales Regional expenses (traceable): West $ 313,000 Sales Region Central $ 797,000 East $ 696,000

Millard Corporation is a wholesale distributor of office products. It purchases office products from manufacturers and distribute: in the West, Central, and East regions. Each of these regions is about the same size and each has its own manager and sales st The company has been experiencing losses for many months. In an effort to improve performance, management has requested the monthly income statement be segmented by sales region. The company's first effort at preparing a segmented income stat for May is given below. Sales Regional expenses (traceable): West $ 313,000 Sales Region Central $ 797,000 East $ 696,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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