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: Percentage of total sales Sales Variable expenses Contribution margin Fixed expenses Net operating income White 48 % $ 369,600 110,880 $ 258,720 100 % 30 % 70 % Fragrant 20 % $ 154,000 123,200 30,800 Product Loonzain 32% 100 % $ 246,400 80 % 135,520 20 % $ 110,880 100 % 55 % 45 % Total 100 % $ 770,000 369,600 400,400 224, 120 $ 176,280 100 % 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 $176,280 for the month and the estimated break-even sales is $431,000. Assume that actual sales for the month total $770,000 as planned; however, actual sales by product are: White, $246,400; Fragrant, $308,000, and Loonzain, $215,600. 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 0 % 0 0 % $ 0 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: Percentage of total sales Sales Variable expenses Contribution margin Fixed expenses Net operating income White 48 % $ 369,600 110,880 $ 258, 720 100 % 30 % 70 % Fragrant 20 % $ 154,000 123,200 30,800 Product Loonzain 32 % 100 % $ 246,400 100 % 80 % 135,520 55 % 20 % $ 110,880 45 % Total 100 % $ 770,000 369,600 400,400 224, 120 $ 176,280 100 % 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 $176,280 for the month and the estimated break-even sales is $431,000. Assume that actual sales for the month total $770,000 as planned; however, actual sales by product are: White, $246,400; Fragrant, $308,000; and Loonzain, $215,600. 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. (Do not round intermediate calculations. Round your answer to the nearest whole dollar amount.) Break-even point in dollar sales
