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: white 100 Percentage of total sales Sales Variable expenses Contribution margin Fixed expenses Net operating income 100 Product Fragrant Loonzain 20 328 $ 140,000 100 $ 224,000 100 112,000 80 123,200 55 $ 28,000 20 $ 100,800 45 $ 336,000 100,800 $ 235,200 Total 100% $ 700,000 336,000 364,000 226,200 $ 137,800 70 % 52% Dollar sales to break-even Fixed expenses CM ratio $ 226, 200 0.52 = $435,000 As shown by these data, net operating income is budgeted at $137,800 for the month and the estimated break-even sales is $435,000. Assume that actual sales for the month total $700,000 as planned. Actual sales by product are: White, $224,000; Fragrant, $280,000; and Loonzain, $196,000. 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. Required 1 Required 2 Prepare a contribution format income statement for the month based on the actual sales data. Gold Star Rice, Ltd. Contribution Income Statement Product White Fragrant Loonzain Percentage of total sales % % % % % $ 0 0% $ 0 0 % $ 0 Total % % 01% 0 0 % $ 0 Required 1 Required 2 > 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: white Percentage of total sales Sales Variable expenses Contribution margin Fixed expenses Net operating income $ 336,000 100,800 $ 235,200 100 30 708 Product Fragrant Loonzain 20 32 $ 140,000 100 $ 224,000 100 112,000 80 123,200 55 % $ 28,000 208 $ 100, 800 45 100 48 Total 100 $ 700,000 336,000 364,000 226,200 $ 137,800 52% Dollar sales to break-even Fixed expenses CM ratio $226, 200 0.52 = $435,000 As shown by these data, net operating income is budgeted at $137,800 for the month and the estimated break-even sales is $435,000. Assume that actual sales for the month total $700,000 as planned. Actual sales by product are: White, $224,000; Fragrant, $280,000; and Loonzain, $196,000. 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. Required 1 Required 2 Compute the break-even point in dollar sales for the month based on your actual data. (Round your answer to the nearest whole dollar amount.) Break-even point in dollar sales
