Gold Star Rice, Limited, 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: Percentage of total sales Sales White 48% Product Fragrant 20% Loonzain 32% Total 100% Variable expenses $ 336,000 100,800 100% 30% $ 140,000 112,000 100% $224,000 80% 123,200 100% 55% Contribution margin Fixed expenses Net operating income Dollar sales to break-even = Fixed expenses/CM ratio = $225,680/0.52 = $434,000 $ 235,200 70% $ 28,000 20% $ 100,800 45% $ 700,000 336,000 $ 364,000 100% 48% 52% 225,680 $ 138,320 25 As shown by these data, net operating income is budgeted at $138,320 for the month and the estimated break-even sales is $434,000. Assume that actual sales for the month total $700,000 as planned; however, actual sales by product are: White, $224,000; Fragrant, $280,000; and Loonzain, $196,000. 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. 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. Gold Star Rice, Limited Contribution Income Statement Product Fragrant White Loonzain Total Percentage of total sales. % % % % % % % % % % % % $ 0 0% $ 0 0% S 0 0% 0 0% $ 0 Required 1 Required 2 >