Gold Star Rice, Ltd., of Thailand exports Thai rice throughout Asia. The company grows three varieties of riceWhite, Fragrant, and Loonzain. Budgeted sales by product and in total for the coming month are shown below: White 48% $ 316,800 95,040 $ 221,760 Percentage of total sales Sales Variable expenses Contribution margin Fixed expenses Net operating income Product Fragrant Loonzain 20 % 32 % $ 132,000 100 % $ 211,200 100 % 105,600 80 % 116,160 55 % $ 26,400 20 % $ 95,040 45 % 100 % 30 % 70 % 100 % 48 % Total 100 % $ 660,000 316,800 343,200 224,640 $ 118,560 52 % Dollar sales to break-even Fixed expenses CM ratio $224, 640 0.52 $432,000 As shown by these data, net operating income is budgeted at $118,560 for the month and the estimated break-even sales is $432,000. Assume that actual sales for the month total $660,000 as planned. Actual sales by product are: White, $211,200; Fragrant, $264,000; and Loonzain, $184,800. 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. Gold Star Rice, Ltd. Contribution Income Statement Product White Loonzain Total Fragrant % Percentage of total sales % % % % % 0% $ % % 0 % $ % % 0 % % % 0 % GA 0 0 0 0 Break-even point in dollar sales C