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:

ProductTotalWhiteFragrantLoonzainPercentage of total sales48% 20% 32% 100% Sales$ 360,000100%$ 150,000100%$ 240,000100%$ 750,000100%Variable expenses108,00030%120,00080%132,00055%360,00048%Contribution margin$ 252,00070%$ 30,00020%$ 108,00045%$ 390,00052%Fixed expenses 224,120 Net operating income $ 165,880

Dollar sales to break-even = Fixed expenses/CM ratio = $224,120/0.52 = $431,000

As shown by these data, net operating income is budgeted at $165,880 for the month and the estimated break-even sales is $431,000.

Assume that actual sales for the month total $750,000 as planned; however, actual sales by product are: White, $240,000; Fragrant, $300,000; and Loonzain, $210,000.

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.