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 48 % $ 355,200 106,560 $ 248,640 100 % Percentage of total sales Sales Variable expenses Contribution margin Fixed expenses Net operating income Fragrant 20% $ 148,000 118,400 $ 29,600 Product Loonzain 32 % 100 % $ 236,800 100 % 80% 130, 240 55 % 20% $ 106,560 45 % 30 % Total 100 % $ 740,000 355,200 384,800 232,440 $ 152,360 100 % 48 % 52 % 70 % Dollar sales to break-even Fixed expenses CM ratio $232,440 0.52 = $447,000 As shown by these data, net operating income is budgeted at $152,360 for the month and the estimated break-even sales is $447,000. Assume that actual sales for the month total $740,000 as planned. Actual sales by product are: White, $236,800; Fragrant, $296,000; and Loonzain, $207,200. Required: 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 Loonzain Fragrant % Total 100% Percentage of total sales Sales % 355,2007 $ 100% 100% 100% 100%