Gold Star Rice, Ltd$.,$ 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: Gold Star Rice, Ltd$.,$ 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:

Dollar sales $to$ break$-$even $=\frac{\text{F}\text{i}\text{x}\text{e}\text{d}\text{e}\text{x}\text{p}\text{e}\text{n}\text{s}\text{e}\text{s}}{CM\text{r}\text{a}\text{t}\text{i}\text{o}}=\frac{\text{\$}226,200}{0\mathrm{.}52}=$$$435,000$

As shown by these data, net operating income is budgeted at $$174,200$ for the month and the estimated break$-$even sales is

$$435,000.$

Assume that actual sales for the month total $$770,000$ as planned. Actual sales by product are: White, $$246,400$; Fragrant, $$308,000$;

and Loonzain, $$215,600.$

Required:

Prepare a contribution format income statement for the month based on the actual sales data.

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.

Product

White Fragrant Loonzain Total

Percentage of total sales $48\%20\%32\%100\%$

Sales $ $369,600100\%$ $ $154,000100\%$ $ $246,400100\%$ $ $770,000100\%$

Variable expenses $110,88030\%123,20080\%135,52055\%369,60048\%$

Contribution margin $ $258,72070\%$ $ $30,80020\%$ $ $110,88045\%400,40052\%$

Fixed expenses $226,200$

Net operating income $ $174,200$

Dollar sales to break$-$even $=$ Fixed expenses $=$ $$226,200=$ $$435,000$

CM ratio $0\mathrm{.}52$

As shown by these data, net operating income is budgeted at $$174,200$ for the month and the estimated break$-$even sales is $$435,000.$

Assume that actual sales for the month total $$770,000$ as planned. Actual sales by product are: White, $$246,400$; Fragrant, $$308,000$; and Loonzain, $$215,600.$

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.