Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Gold Star Rice, Limited, of Thailand exports Thal rice throughout Asia. The company grows three varieties of rice-White, Fragrant, and Loonzain. Budgeted sales by product

image text in transcribed

Gold Star Rice, Limited, of Thailand exports Thal 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: 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. Complete this question by entering your answers in the tabs below. Prepare a contribution format income statement for the month based on the actual sales data

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Auditing A Practical Approach With Data Analytics

Authors: Raymond N. Johnson, Laura Davis Wiley, Robyn Moroney, Fiona Campbell, Jane Hamilton

2nd Edition

1119786045, 978-1119785996

More Books

Students also viewed these Accounting questions