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 White 48% Fragrant 20% Loonzain 32% Total 100% Percentage of total sales Sales $ 312,000 100% 30% $ 130,000 104,000 100% 80% $ 208,000 114,400 100% 48% Variable expenses 100% $ 650,000 55% 312,000 45% 93,600 Contribution margin $ 218,400 70% $ 26,000 20% $ 93,600 52% 338,000 232,960 Fixed expenses Net operating income $ 105,040 Dollar sales to break-even = Fixed expenses / CM ratio = $232,960 / 0.52 = $448,000 As shown by these data, net operating income is budgeted at $105,040 for the month and the estimated break-even sales is $448,000. Assume that actual sales for the month total $650,000 as planned; however, actual sales by product are: White, $208,000; Fragrant, $260,000; and Loonzain, $182,000. 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. X Answer is not complete. Complete this question by entering your answers in the tabs below. 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. X 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 White Fragrant Loonzain 28 Percentage of total sales % 40 % % Sales $ 260,000 % $ 182,000 100,100 Variable expenses 208,000 % Contribution margin $ 52,000 % $ 81,900 Fixed expenses Net operating income 32 $ 208,000 62,400 $ 145,600 100 30 70 % % % 100 80 20 100 % % 55 45 % $ $ 100 650,000 370,500 279,500 232,960 46,540 Total % 0 % % %