Omstadt Corporation produces and sells only two products that are referred to as RIPS and PITS.Production is "for order" only, and no finished goods inventories are maintained; work in process inventories are negligible.The following data relate to last month's operations: 
$36,000 of the manufacturing overhead assigned to RIPS and $72,000 of that assigned to PITS is fixed.The balance of the overhead is variable.Selling expenses consist entirely of commissions paid as a percentage of sales.Direct labor is completely variable.Administrative expenses are fixed and cannot be traced to the products but have been arbitrarily allocated to the products.
Required:
Prepare a segmented income statement, in total and for the two products.Use the contribution approach.
Definitions:
Total Assets
The sum of all current and non-current assets owned by an individual or a business entity.
Stockholder's Equity
The residual interest in the assets of a corporation after deducting liabilities, representing ownership interest.
Ratio Analysis
Calculations that measure an organization’s financial health.
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