Transcribed Image Text: Shannon Company segments its income statement into its North and South Divisions. The company’s overall sales, contribution margin ratio, and net operating

Transcribed Image Text: 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 $480,000, 36%, and $9,600, respectively. The North Division’s contribution margin and
contribution margin ratio are $92,000 and 40%, respectively. The South Division’s segment margin is $32,500. The company has
$62,400 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
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