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:

ProductWhiteFragrantLoonzainTotalPercentage of total sales20%52%28%100%Sales$150,000100%$390,000100%$210,000100%$750,000100%Variable expenses108,00072%78,00020%84,00040%270,00036%Contribution margin$42,00028%$312,00080%$126,00060%480,00064%Fixed expenses449,280Net operating income$30,720

Dollar sales to break-even=Fixed expenses=$449,280= $702,000CM ratio0.64

As shown by these data, net operating income is budgeted at $30,720 for the month and the estimated break-even sales is $702,000.

Assume that actual sales for the month total $750,000 as planned. Actual sales by product are: White, $300,000; Fragrant, $180,000; and Loonzain, $270,000.

Required:

1. Prepare 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.