Gold Star Rice, Ltd., of Thailand exports Thai rice throughout Asia. The company grows three varieties of rice-Fragrant, White, and Loonzain. Budgeted sales by product and in total for the coming month are shown below: Product White 48% Total 100% Fragrant 32% Percentage of total sales Sales Variable expenses 20% $326,400 100% $136,000 100% $217,600 100% $680,000 100% 97,920 30% 108,800 80% 119,680 55% 326,400 48% Contribution margin Fixed expenses Net operating income $228,480 70% $27,200 20% $97,920 45% 353,600 52% 232,440 121,160 $232,440 0.52 Fixed ex - $232,440 =$447,000 penses Dollar sales to break even- CM ratio As shown by these data, net operating income is budgeted at $121,160 for the month and break even sales at $447,000 Assume that actual sales for the month total $680,000 as planned. Actual sales by product are: White $217,600; Fragrant, $272,000; and Loonzain, $190,400 Required 1. Prepare a contribution format income statement for the month based on actual sales data