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 Product White Fragrant Loonzain Total Percentage of total sales 48B 208 32B 100% $ 369,600 770,000 Sales 100% $ 154,000 100% 246,400 100% 100% Variable expenses 110,880 30% 123,200 80% 135,520 55% 369,600 48% $ 110,880 Contribution margin 258,720 70% 30,800 203 529 45% 400,400 Fixed expenses 224,640 175,760 Net operating income Fixed expenses $224,640 = $432,000 Dollar sales to break-even CM ratio 0.52 As shown by these data, net operating income is budgeted at $175,760 for the month and the estimated break-even sales is $432,000. Assume that actual sales for the month total $770,000 as planned. Actual sales by product are: White, $246,400; Fragrant, $308,000; and Loonzain, $215,600. 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 White Fragrant Loonzain Total 40 % 100 % Percentage of total sales 32% 28% Sales 100% 246,400 % % % Variable expenses Contribution margin 0 % 0 % 100% 0% $ $ $ 246,400 0 0 C Fixed expenses Net operating income $ C 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