Problem:
Fausnaught Corp has two major business segments--Retail & Wholesale. In Oct, the Retail bus segment had sales revenues of $730,000, cariable expenses of $409,000, & traceable fixed expenses of $117,000. During the same month, the Wholesale bus segment had sales revenues of $400,000, variable expenses of $220,000, and traceable fixed expenses of $48,000. Common fixed expenses totaled $218,000 and were allocated as follows: $122,000 to the Retail business segment and $96,000 to the Wholesale business segment.
Prepare a segmented income statement in the contribution format for the company. Omit percentages; show only dollar amounts. (use three columns -- Total, Retail, Wholesale)