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 Fragrant White Loonzain Total Percentage of total sales Sales 100 48 20 32 331,200 99,360 231,840 100 $690,000 331,200 100 100 138,000 110,400 70 27, 600 100 $220,800 121,440 $ 99,360 Variable expenses 55 48 30 80 Contribution margin 20 45 358,800 52 Fixed expenses 232,960 Net operating income 125,840 Fixed expenses CM ratio $232,960 0.52 Dollar sales to break-even $448,000 As shown by these data, net operating income is budgeted at $125,840 for the month and the estimated break-even sales is $448,000 Assume that actual sales for the month total $690,000 as planned. Actual sales by product are: White, $220,800; Fragrant, $276,000; and Loonzain, $193,200. 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. ChecH 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. 2:35 Required 1 Required 2 Prepare a contribution format income statement for the month based on the actual sales data. Gold Star Rice, Ltd. ces Contribution Income Statement Product White Fragrant Loonzain Total Percentage of total sales 32% 100% Sales Variable expenses $ 220,800 100% $ 276,000 100% $ 193,200 100% % 690,000 30 % 66,240 220,800 80% 108.000 55% % Contribution margin S 154,560 70 % 20% 55,200 85,200 45% % 690,000 Fixed expenses Net operating income $ 690,000 Required 2 Check mly Net operating incone $125,840 Fixed expenses $232,960 0.52 Dollar sales to break-even $448,000 CH ratio As shown by these data, net operating income is budgeted at $125,840 for the month and the estimated break-even sales is $448,000. Assume that actual sales for the month total $690,000 as planned. Actual sales by product are: White, $220,800; Fragrant, $276,000; and Loonzain, $193,200 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
