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  3. shannon company segments its income statement into

Shannon Company segments its income statement into its North and South Divisions. The company's overall...

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Accounting

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Shannon Company segments its income statement into its North and South Divisions. The company's overall sales, contribution margin ratio, and net operating income are $1,020,000, 38 % , and $ 20,400, respectively. The North Division's contribution margin and contribution margin ratio are $142,800 and 42 % , respectively. The South Division's segment margin is $163,200. The company has $244,800 of common fixed expenses that cannot be traced to either division. Required: Prepare an income statement for Shannon Company that uses the contribution format and is segmented by divisions. In addition, for the company as a whole and for each segment, show each item on the segmented income statements as a percent of sales. (Round your percentage answers to 1 decimal place (i.e 1234 should be entered as 12.3).) Divisions Total Company North South Amount % Amount % Amount % Sales Variable expenses Contribution margin Traceable fixed expenses Territorial segment margin Common fioxed expenses Net operating income

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