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 Variable expenses Contribution margin White 48% $ 292,800 87,840 $ 204,960 100% 30% 78% Fragrant 20% $ 122,000 97,608 $ 24,400 Product 100% 80% 20% Loonzain 32% $ 195,200 107,360 $ 87,840 100% 55% 45% 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. Total 100% $ 610,000 292,800 317,200 232,440 $ 84,760 100% 48% 52% Fixed expenses Net operating income Dollar sales to break-even = Fixed expenses + CM ratio = $232,440-0.52 = $447,000 As shown by these data, net operating income is budgeted at $84,760 for the month and the estimated break-even sales is $447,000. Assume that actual sales for the month total $610,000 as planned; however, actual sales by product are: White, $195,200; Fragrant, $244,000; and Loonzain, $170,800.