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 Fragrant Loonzain Total 100% Percentage of total sales 48% 20% 32% 374,400 100% 156,000 100% $249,600 100% 780,000 100% Sales Variable expenses 112,320 30% 124,800 80% 137,280 55% 374,400 48% Contribution margin 262,080 70% 31,200 20% 112,320 45% 405,600 52% Fixed expenses 233,480 172,120 Net operating income xed expenses $233,480 $449,000 Dollar sales to break even CM ratio 0.52 As shown by these data, net operating income is budgeted at $172,120 for the month and break even sales at $449,000. Assume that actual sales for the month total $780,000 as planned. Actual sales by product are: White $249,600; Fragrant, $312,000; and Loonzain, S218,400. Required 1. Prepare a contribution format income statement for the month based on actual sales data