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 Fixed expenses Net operating income White 488 $ 345,600 103,680 $ 241.920 Fragrant 201 $ 144,000 115.200 $ 28,00 1001 309 709 1000 Product Loonzain 320 $ 230,400 100 808 126,720 558 201 $ 103,680 450 Total 1000 5 720,000 345,600 374,400 233,480 $ 140,920 1000 484 520 Dollar sales to break-even = Fixed expenses/CM ratio = $233,480 / 0.52 = $449,000 As shown by these data, net operating income is budgeted at $140,920 for the month and the estimated break-even sales is $449,000. Assume that actual sales for the month total $720,000 as planned; however, actual sales by product are: White, $230,400; Fragrant $288,000; and Loonzain, $201.600. 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. The Shirt Works sells a large variety of tee shirts and sweatshirts. Steve Hooper, the owner, is thinking of expanding his sales by hiring high school students, on a commission basis, to sell sweatshirts bearing the name and mascot of the local high school. These sweatshirts would have to be ordered from the manufacturer six weeks in advance, and they could not be returned because of the unique printing required. The sweatshirts would cost Hooper $22.00 each with a minimum order of 222 sweatshirts. Any additional sweatshirts would have to be ordered in increments of 222. Since Hooper's plan would not require any additional facilities, the only costs associated with the project would be the costs of the sweatshirts and the costs of the sales commissions. The selling price of the sweatshirts would be $44.00 each. Hooper would pay the students a commission of $8.00 for each shirt sold. Required: 1. What level of unit sales and dollar sales is needed to attain a target profit of $12,432? 2. Assume that Hooper places an initial order for 222 sweatshirts. What is his break-even point in unit sales and dollar sales? (Round your intermediate calculations and final answers to the nearest whole number.) 3. How many sweatshirts would Hooper need to sell to earn a target profit of $14,000? (Round your final answer to the nearest whole number.) sweatshirts 1. Unit sales needed to attain the target profit 1. Dollar sales needed to attain the target profit 2. Break-even point in unit sales 2. Break-even point in dollar sales 3. Number of sweatshirts sweatshirts sweatshirts