Gold Star Rice, Ltd., of Thailand exports Thai rice throughout Asia. The company grows three varieties of riceFragrant, White, and Loonzain. Budgeted sales by product and in total for the coming month are shown below:

Dollar sales to break even = Fixed expenses/CM ratio = $229,320/0.52 = $441,000

As shown by these data, net operating income is budgeted at $103,480 for the month and break even sales at $441,000.

Assume that actual sales for the month total $640,000 as planned. Actual sales by product are: White, $204,800; Fragrant, $256,000; and Loonzain, $179,200.

Required:

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

2. Compute the break-even point in dollar sales for the month based on your actual data. (Round your final answer to the nearest whole dollar.)

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% Fragrant Loonzain 32% Total 100% 20% Percentage of total sales Sales $307,200 100% $128,000 100% $204,800 100% $640,000 100% 92,160 30% 102,400 80% 112,640 55% 307,200 48% Variable expenses Contribution margin Fixed expenses $215,040 70% $25,600 20% $92,160 45% 332,800 52% 229,320 Net operating income $ 103,480 $229,320 0.52 Fixed ex =$441,000 penses Dollar sales to break even- CM ratio As shown by these data, net operating income is budgeted at $103,480 for the month and break even sales at $441,000 Assume that actual sales for the month total $640,000 as planned. Actual sales by product are: White $204,800; Fragrant, $256,000; and Loonzain, $179,200