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  3. shannon company segments its income statement into

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

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Accounting

Shannon Company segments its income statement into North and South Divisions. The company's overall sales, contribution margin ratio, and net operating income are $600,000,30%, and $12,000, respectively. The North Division's contribution margin and contribution margin ratio are $68,000 and 34%, respectively. The South Division's segment margin is $40,000. The company has $60,000 of common fixed expenses that cannot be traced to either division.
Required:
Prepare a segmented income statement for Shannon Company using the contribution format. For the company as a whole and for each division, show each item on the segmented income statements as a percent of sales.
Note: Round your percentage answers to 1 decimal place (i.e .1234 should be entered as 12.3).
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