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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
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 Percentage of total sales Sales Variable expenses Contribution margin Fixed expenses Net operating Income $ 379,200 113,760 $ 265,440 Product Fragrant Loonzain 20 32 100 X $ 158,000 100% $ 252,800 100% 30 126,400 BO 139,040 55 70% $ 31,600 20 % $ 113,760 45 % Total 100 % 5.790,000 379,2 410, 231,400 $ 179,400 100% 483 52 Dollar sales to break-even Fixed expenses CH ratio $231,400 0.52 - $445,000 As shown by these data, net operating income is budgeted at $179.400 for the month and the estimated break-even sales is $445,000 Assume that actual sales for the month total $790,000 as planned, however, actual sales by product are: White, $252800; Fragrant $316.000; and Loonzain. $221.200, Required: 1. Prepare a contribution format income statement for the month based on the actual soles data. PARA LAS FOR
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