9 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 $297,600 89,280 $ 208,320 100% $124,000 99,200 70% $ 24,800 100% $198,400 109,120 20% $ 89,280 100% $620,000 297,600 322,400 226, 720 $ 95,680 100% 48 % 30 % 80 % 55 % 45 52 % Net operating income Fixed expenses CM ratio $226,720 $436,000 Dollar sales to break-even = 0.52 As shown by these data, net operating income is budgeted at $95,680 for the month and the estimated break-even sales is $436,000 Assume that actual sales for the month total $620,000 as planned. Actual sales by product are: White, $198,400; Fragrant, $248,000; and Loonzain, $173,600 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 Gold Star Rice, Ltd Contribution Income Statement Product Fragrant White Loonzain Total Percentage of total sales