Gold Star Rice, Limited, 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:

	Product
	White		Fragrant		Loonzain		Total
Percentage of total sales	20%		52%		28%		100%
Sales	$ 150,000	100%	$ 390,000	100%	$ 210,000	100%	$ 750,000	100%
Variable expenses	108,000	72%	78,000	20%	84,000	40%	270,000	36%
Contribution margin	$ 42,000	28%	$ 312,000	80%	$ 126,000	60%	480,000	64%
Fixed expenses							449,280
Net operating income							$ 30,720

Dollar sales to break-even = Fixed expenses / CM ratio = $449,280 / 0.64 = $702,000

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; however, actual sales by product are: White, $300,000; Fragrant, $180,000; and Loonzain, $270,000.

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.

NOT SURE WHY MY ANSWERS ARE WRONG HELP PLEASE

Assume that actual sales for the month total $750,000 as planned; however, actual sales by product are: White, $300,000; Fragrant, $180,000; and Loonzain, $270,000. 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. Answer is complete but not entirely correct. 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. . White Total 750,000 Gold Star Rice, Limited Contribution Income Statement Product Fragrant Loonzain 180,000 X % 270,000 X % % $ 36,000 X 100% $ 108,000 > X 100% 144,000 X 20% 162,000 $ 40% $ 80 % 60 $ (54,000) (108,000) % % Percentage of total sales Sales % $ 300,000 X % $ $ 216,000 X 100% 84,000 72% $ 132,000 28 % 100% % 360,000 X 390,000 Variable expenses 48% Contribution margin (30,000) 52 % Fixed expenses 449,280 Net operating loss $ (479,280)