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

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Accounting

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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 % Fragrant 20 % Loonzain 32 % Total 100 % Percentage of total sales Sales Variable expenses Contribution margin Fixed expenses Net operating income 100 % $660,000 316,800 343,200 233,480 $109,720 $316,800 95,040 $ 221,760 100 % $132,000 105,600 70% $ 26,400 100 % $211,200 116,160 20% $ 95,040 100 % 48 % 30 % 80 % 55 % 45 % 52 % Fixed expenses cM ratio $233,480 s449,0o0 Dollar sales to break-even- 0.52 As shown by these data, net operating income is budgeted at $109,720 for the month and the estimated break-even sales is $449,000 Assume that actual sales for the month total $660,000 as planned. Actual sales by product are: White, $211,200; Fragrant, $264,000; and Loonzain, $184,800. 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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