Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

image text in transcribed

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 White Fragrant Loonzain Total Percentage of total sales 48 % 20% 32% Sales $ 292,800 100 $ 122,000 100 % $ 195,200 100% $ 610,000 100% Variable expenses 87,840 97,600 80 % 107,360 55% 292,800 Contribution margin $ 204,960 70 % 24,400 20 %$ 87,840 45 317,200 52 Fixed expenses 234,000 Net operating income $ 83,200 $ CH ratio $450,000 Dollar sales to break-even Fixed expenses $234.000 As shown by these data, net operating income is budgeted at $83.200 for the month and the estimated break-even sales is $450.000 Assume that actual sales for the month total 5610.000 as planned. Actual sales by product are: White, $195.200; Fragrant, $244.000 and Loonzain. $170,800. 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 Percentage of total sales % % % % % 0 % 0 % Total 9 % % % % % $ 0 $ 0 $ 0 0 % 0 0 % $ 0 Required Required 2 > 21 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

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Public Sector Accounting And Budgeting For Non-Specialists

Authors: G. Jan Van Helden, Ron Hodges

1st Edition

1137376988, 9781137376985

More Books

Students also viewed these Accounting questions

Question

give a definition of quantitative job demands;

Answered: 1 week ago

Question

List and describe three behavioral leadership theories.

Answered: 1 week ago