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. Product Percentage of total sales Sales White 2006 Fragrant 52% Loonzain 28% Total 100% Variable expenses $ 150,000 108,000 100% 72% $ 390,000 78,000 100% Contribution margin Fixed expenses Net operating income $ 42,000 28% $ 312,000 2006 80% $ 210,000 84,000 100% 400 $ 750,000 270,000 100% 36% $ 126,000 600 480,000 64% 449,280 $ 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. Answer is not complete. 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 Percentage of total sales White 20% Fragrant 52% Loonzain 28% Total 100% Sales $238,800 100% $296,000 Variable expenses 71,040 x 30% 236,800x Contribution margin $165,760 70 % $ 59.200 100% 80% 20 % $ 207,200 113,960 100% 55% $ 740,000 100% S 93,240 45 % 421,800 318,200 57% 43 % Fixed expenses 227,240 Net operating income S 90,960 < Required 1 Required 2 >