Spiess Corporation Has Two Major Business Segments--Apparel and Accessories

question 35

Essay

Spiess Corporation has two major business segments--Apparel and Accessories. Data concerning those segments for December appear below:
Common fixed expenses totaled $309,000 and were allocated as follows: $142,000 to the Apparel business segment and $167,000 to the Accessories business segment.
Required:
Prepare a segmented income statement in the contribution format for the company. Omit percentages; show only dollar amounts.

---

Definitions:

Compliance Orientation

An approach focusing on adhering to rules, regulations, and standards to avoid legal or regulatory penalties.

Values Orientation

An approach or stance focusing on principles or standards of behavior; what is important in life.

Financial Performance

A measure of a company's profitability, financial health, and the effectiveness of its management, as reflected in its financial records and reports.

Quarterly Returns

Financial reports summarizing the earnings, expenses, and net profits of a company for a three-month period, crucial for assessing its short-term financial health.