Problem - Sandy Corporation has two major business segments-Clothing and Shoes. Data concerning those segments for June appear below.
Sales revenue - Clothing $300,000
Variable expenses - Clothing 60,000
Traceable fixed expenses - Clothing 30,000
Sales revenue - Shoes 200,000
Variable expenses - Shoes 50,000
Traceable fixed expense - Shoes 25,000
Common fixed expenses total $110,000 and were allocated as follows: $70,000 to the Clothing business segment and $40,000 to the Shoes business segment. Prepare a segmented income statement in the contribution format for the company.