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% Total 100% Fragrant 32% Percentage of total sales Sales Variable expenses 20% $307,200 100% $128,000 100% $204,800 100% $640,000 100% 92,160 30% 102,400 80% 112,640 55% 307,200 48% Contribution margin Fixed expenses $215,040 70% $25,600 20% $92,160 45% 332,800 52% 227,760 et operating income $105,040 Dollar sales to break even- even = Fixed ex $227.760 $438,000 CM ratio 0.52 As shown by these data, net operating income is budgeted at $105,040 for the month and break even sales at $438,000 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. Gold Star Rice, Ltd. Contribution Income Statement Product Fragrant White Loonzain Total Percentage of total