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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
$500,000,46%, and $10,000, respectively. The North Division's contribution margin
and contribution margin ratio are $150,000 and 50%, respectively. The South
Division's segment margin is $30,000. The company has $90,000 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.
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