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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: 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
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