Business, 22.07.2020 20:01 genyjoannerubiera

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 $780,000, 50%, and $62,400, respectively. The North Division’s contribution margin and contribution margin ratio are $247,500 and 75%, respectively. The South Division’s segment margin is $68,000. The company has $117,000 of common fixed expenses that cannot be traced to either division.Need full explanation step by step pleaseTHANK YOU!***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))Division Total compay North SouthSalesAmount%Amount%Amount%Vari able expenses Contribution margin Traceable fixed expenses Territorial segment margin Common fixed expenses Net operating income

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Shannon Company segments its income statement into its North and South Divisions. The company’s over...