Nobles Corporation provided the following segment margin income statement for two of its divisions: East and West.
| Revenue | $510,000 | $480,000 | $990,000 |
| Variable expenses | | | |
| Product | 370,000 | 260,000 | 630,000 |
| Selling and administrative | 80,000 | 88,000 | 168,000 |
| Contribution margin | 60,000 | 132,000 | 192,000 |
| Less traceable fixed costs | 20,000 | 40,000 | 60,000 |
| Segment margin | $ 40,000 | $ 92,000 | 132,000 |
| Common fixed costs | | | 140,000 |
| Net operating income | | | ($ 8,000) |
Nobles' actual weighted-average cost of capital is 10% and its tax rate is 30%. The East division balance sheet showed $300,000 of assets ($60,000 current and $240,000 long-term) and $320,000 of liabilities ($120,000 current and $200,000 long-term). The West division reported $360,000 of assets ($80,000 current and $280,000 long-term) and $260,000 of liabilities ($60,000 current and $200,000 long-term).
Required:
| a. | Calculate the economic value added for each division. |
| b. | Which of the two managers will be rated higher on performance? Why? |
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