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 $ 374,400 112,320 $ 262,080 100 30 70 Product Fragrant Loonzain 20 32 $ 156,000 100 $ 249,600 100 124,800 80 137,280 55 $ 31,200 20 $ 112,320 45 Total 100 $ 780,000 374,400 405,600 224, 120 $ 181,480 100 48 52 Dollar sales to break-even Fixed expenses CM ratio $224, 120 0.52 - $431,000 As shown by these data, net operating income is budgeted at $181,480 for the month and the estimated break-even sales is $431,000. Assume that actual sales for the month total $780,000 as planned. Actual sales by product are: White, $249,600; Fragrant, $312,000; and Loonzain, $218,400. 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 % % % % Total % % % % % % % % % % % Administrative expenses Advertising Beginning merchandise inventory Commissions Cost of goods sold Depreciation white 48 $ 374,400 112,320 $ 262,080 100 30 Percentage of total sales Sales Variable expenses Contribution margin Fixed expenses Net operating income Fragrant 20 $ 156,000 100 124,800 80 $ 31,200 20 Loonzain 32 $ 249,600 100 137,280 55 $ 112,320 455 Total 100 $ 780,000 374,400 405,600 224, 120 $ 181,480 100 48 52 70 Fixed expenses CM ratio $ 224,120 0.52 - $431,000 Dollar sales to break-even As shown by these data, net operating income is budgeted at $181,480 for the month and the estimated break-even sales is $431,00 Assume that actual sales for the month total $780,000 as planned. Actual sales by product are: White, $249,600; Fragrant, $312,000 and Loonzain, $218,400. 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
