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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: White 48 % $ 355,200 106,560 $ 248,640 Percentage of total sales Sales Variable expenses Contribution margin Fixed expenses Net operating income 100 % Product Fragrant Loonzain 20 % 32 % $ 148,000 100 % $ 236,800 100 % 118,400 80 % 130, 240 55 % $ 29,600 20 % $ 106,560 45 % 30 % 70 % Total 100 % $ 740,000 355,200 384,800 225, 680 $ 159, 120 100 % 48 % 52 % Dollar sales to break-even = Fixed expenses CM ratio $225, 680 0.52 = $434,000 As shown by these data, net operating income is budgeted at $159,120 for the month and the estimated break-even sales is $434,000. 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a contribution format income statement for the month based on the actual sales data. Gold Star Rice, Ltd. Contribution Income Statement Product Fragrant White Loonzain Total Percentage of total sales % % % % % % % % % % % % $ 0 0 % $ 0 0 % $ 0 0 % 0 0 % $ 0

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