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 Percentage of total sales Sales White 48 % Fragrant 20 % Loonzain 32 % Total 100% Variable expenses Contribution margin Fixed expenses Net operating income $ 307,200 92,160 100 8 $ 128,000 30% 102,400 $ 215,040 70 $ $ 25,600 100 % 80 % 20 % $ $ 204,800 112,640 92,160 100 % 55% $ 640,000 307,200 100% 48 % 45 % 332,800 226,200 52 8 $ 106,600 Dollar sales to break-even Fixed expenses CM ratio $226,200 0.52 = $435,000 As shown by these data, net operating income is budgeted at $106,600 for the month and the estimated break-even sales is $435,000. 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 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 Fragrant Loonzain Total Percentage of total sales % % % % % % % % % % % % $ 0 0% $ 0 0% $ 0 0% 0 0% Required 1 Required 2 > 0