3) Gold Star Rice, Ltd., of Thailand exports Thai rice throughout Asia. The company grows three varieties of riceWhite, Fragrant, and Loonzain. Budgeted sales by product and in total for the coming month are shown below:

	White		Fragrant		Loonzain		Total
% of total sales	48%		20%		32%		100%
Sales	$355,200	100%	$148,000	100%	236,800	100%	740,000	100%
Variable Expenses	106,560	30%	118,400	80%	130,240	55%	355,200	48%
Contribution Margin	248,640	70%	29,600	20%	106,560	45%	384,800	52%
Fixed expenses							224,640
Net Operating Income							160,160

Dollar sales to break even = Fixed expenses / CM ratio = 224,640/0.52 = 432,000

As shown by these data, net operating income is budgeted at $160,160 for the month and the estimated break-even sales is $432,000.

Assume that actual sales for the month total $740,000 as planned; however, 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.