Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Gold Star Rice, Linuted, of Thailand exports Thai rice throughout Asia. The company grows three varieties of rice-White, Fragrant, and Loonzain Budgeted sales by product
Gold Star Rice, Linuted, 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 expens Contribution margin bok Net operating Some Product Lecapcant 201 toonzale Total 1001 $164,109 10 30% 1152,000 121,600 3 355,300 70% 130,400 10 80% 20% 1243,200 100x 135,700 1100448 558 1000 ARK ASE 335,200 528 224,640 $170,560 Dollar sales to break-even Faced expenses/CM ratio $224,640/052-$432,000 Fences As shown by these data, net operating income is budgeted at $170,560 for the month and the estimated break-even sales is $432,000 Assume that actual sales for the month total $760,000 as planned, however, actual sales by product are: White, $243,200, Fragrant, $304,000, and Loonzain, $212,800. 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. Required 1 Required 2 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
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started