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. 0.1234 should be entered as 12.3

                                 Shannon Company

                         Segmented Income Statement

                                 Total Company        North                     South

                                                                   Division                 Division

Total sales                  480,000  100%      230,000  47.9%    250,000 52.1%

Variable costs            307,200   100%      138,000   44.9%    169,200  55.1%

Contribution margin   172,800   100%       92,000   53.2%     80,800  46.8%                        

Traceable fixed          100,800   100%       52,500   52.1%      48,300  47.9%

Segment income         72,000   100%       39,500   54.9%     32,500  45.1%

Common fixed             62,400   100%

Net income                    9,600   100%

North's total sales = $92,000 / 40% = $230,000

South's total sales = $480,000 - $230,000 = $250,000

South's contribution margin = $172,800 - $92,000 = $80,800

Total segment income = common fixed + net income = $62,400 + $9,600 = $72,000

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