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: Percentage of total sales Sales Variable expenses Contribution margin Fixed expenses Net operating income White 48 % $ 350,400 105,120 $ 245,280 100 % 30 % 70 % Product Fragrant Loonzain 20 % 32 % $ 146,000 100 % $ 233,600 100 % 116,800 80% 128,480 55 % $ 29,200 20% $ 105,120 45 % Total 100 % $ 730,000 350,400 379,600 232,440 $ 147,160 100% 48 % 52 % Dollar sales to break-even = Fixed expenses CM ratio $ 232,440 - = $447,000 0.52 As shown by these data, net operating income is budgeted at $147,160 for the month and the estimated break-even sales is $447,000. Assume that actual sales for the month total $730,000 as planned. Actual sales by product are: White, $233,600; Fragrant, $292,000; and Loonzain, $204,400. 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 Fragrant White Loonzain Total Percentage of total sales % % %