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

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Accounting

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Gold Star Rice, Ltd., of Thailand exports Thal 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% 30% 70% Product Fragrant 20% $ 148,000 118,400 $ 29,600 100% 80% 20% Loonzain 32% $ 236,800 130, 240 $ 106,560 100% 55% 45% Total 100% $ 740,000 355,200 384,800 233,480 $ 151,320 100% 48% 52X Dollar sales to break-even Fixed expenses CM ratio $233,480 0.52 $449,000 As shown by these data, net operating income is budgeted at $151,320 for the month and the estimated break-even sales is $449,000. 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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