Gold Star Rice, Ltd., of Thailand exports Thai rice throughout Asia. The company grows three varieties of riceWhite, 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	%				100	%
Sales	$	326,400		100	%	$	136,000		100	%	$	217,600		100	%	$	680,000		100	%
Variable expenses		97,920		30	%		108,800		80	%		119,680		55	%		326,400		48	%
Contribution margin	$	228,480		70	%	$	27,200		20	%	$	97,920		45	%		353,600		52	%
Fixed expenses																	228,800
Net operating income																$	124,800

Dollar sales to break-even	=	Fixed expenses	=	$228,800	= $440,000
		CM ratio		0.52

As shown by these data, net operating income is budgeted at $124,800 for the month and the estimated break-even sales is $440,000.

Assume that actual sales for the month total $680,000 as planned. Actual sales by product are: White, $217,600; Fragrant, $272,000; and Loonzain, $190,400.

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.

Gold Star Rice, Ltd. Contribution Income Statement Product Fragrant White Loonzain Total Percentage of total sales