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 $560,000, 60%, and $56,000, respectively. The North Division’s contribution margin and contribution margin ratio are $165,000 and 75%, respectively. The South Division’s segment margin is $46,000. The company has $56,000 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. (Round your percentage answers to 1 decimal place (i. e .1234 should be entered as 12.3))
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Shannon Company segments its income statement into its North and South Divisions. The company’s over...
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