Millard Corporation is a wholesale distributor of office products. It purchases office products from manufacturers and distributesthem in the West, Central, and East regions. Each of these regions is about the same size and each has its own manager and salesstaff.The company has been experiencing losses for many months. In an effort to improve performance, management has requestedthat the monthly income statement be segmented by sales region. The company's first effort at preparing a segmented incomestatement for May is given below.SalesRegional expenses (traceable):Cost of goods soldAdvertisingSalariesUtilitiesDepreciationShipping expenseTotal regional expensesRegional income (loss) before corporate expensesCorporate expenses:Advertising (general)General administrative expenseTotal corporate expensesNet operating income (loss)Variable expenses:Total variable expensesTraceable fixed expenses:Total traceable fixed expensesCommon fixed expenses:Total common fixed expenseNet operating income (loss)Total CompanyAmountWest$ 311,000%93,000107,00058,0009,00021,00017,000305,0006,00016,00021,00037,000$(31,0The cost of goods sold and shipping expense are both variable. All other costs are fixed.Required:3. Prepare a new contribution format segmented income statement for May. (Round percentage answers to 1 decimal place.)WestSales RegionCentral$ 801,000Amount244,000239,00055,00016,40033,00032,000619,400181,60038,00021,00059,000$ 122,600East$ 699,000%317,000242,000106,00013,90029,00044,000751,900(52,900)32,00021,00053,000$ (105CentralAmount%AmountEast%

Segment margin income statement shows the profit or loss generated by each division of a company…

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.) Total Company Amount % West Amount % Central Amount % Amount East %

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.) Total Company Amount % West Amount % Central Amount % Amount East %

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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Complete this question by entering your answers in the tabs below. Req 1A Reg 1B Revenues Variable expenses Contribution margin Traceable fixed expenses: Prepare a properly formatted segmented income statement. Depreciation Liability insurance Program administrators' salaries Total traceable fixed expenses Req 2A Program segment margins General administrative overhead Net operating income (loss) Req 2B Total 0 0 0 0 0 0 0 House- keeping 0 0 0
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