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Gold Star Rice, Ltd., of Thailand exports Thai rice throughout Asia. The company grows three...

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Gold Star Rice, Ltd., of Thailand exports Thai rice throughout Asia. The company grows three varieties of rice-White, Fragrant, and Loonzain. Budgeted sales by product and in total for the coming month are shown below: Product White 48% Loonzain 32 % Total 100 % Fragrant Percentage of total sales Sales Variable expenses 20% $355,200 106,560 100% $148,000 118,400 70 % $ 29,600 100% $236,800 130,240 20% $106,560 100% $740,000 355,200 384,800 227,760 157,040 100% 48 % 30 % 80 % 55 % 248,640 45 % 52 % Contribution margin Fixed expenses Net operating income $227,760 = $438,000 Fixed expenses CM ratio Dollar sales to break-even - 0.52 As shown by these data, net operating income is budgeted at $157,040 for the month and the estimated break-even sales is $438,000 Assume that actual sales for the month total $740,000 as planned. Actual sales by product are: White, $236,800; Fragrant, $296,000; and Loonzain, $207,200 Required: 1. Prepare a contribution format income statement for the month based on the actual sales data 2. Compute the break-even point in dollar sales for the month based on your actual data

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