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 48 $360,000 108,000 $ 252,000 Percentage of total sales Sales Variable expenses Contribution margin Fixed expenses Net operating income 100 Product Fragrant Loonzain 20 32 $ 150,000 100 $ 240,000 100 120,000 80 132,000 553 $ 30,000 $ 108,000 45 100 30 70 Total 100 $ 750,000 360,000 390,000 230,360 $ 159,640 20 52 Dollar sales to break-even 5230,360 0.52 Fixed expenses CM ratio - $443,000 As shown by these data, net operating income is budgeted at $159,640 for the month and the estimated break-even sales is $443,000. Assume that actual sales for the month total $750,000 as planned. Actual sales by product are: White, $240,000; Fragrant. $300,000; and Loonzain, $210,000 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 Fragrant % White Loonzain Total Percentage of total sales % % % % % % % 0 % % 0 % $ $ 0 0% $ 0 OS $ 0 Required 1 Required 2 > 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 $ 360,000 108,000 $ 252,000 100 Fragrant 20 $ 150,000 120,000 $ 30,000 1000 30 708 Product Loonzain 32 100 $ 240,000 1005 BO 132,000 55 20 $ 108,000 45 Total 100 $ 750,000 360,000 390,000 230,360 $ 159,640 52 Dollar sales to break-even Mixed expenses CM ratio $230,360 0.52 - $443,000 As shown by these data, net operating income is budgeted at $159,640 for the month and the estimated break-even sales is $443,000. Assume that actual sales for the month total $750,000 as planned. Actual sales by product are: White, $240,000; Fragrant, $300,000; and Loonzain, $210,000. 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 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
