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 20% $ 150,000 108,000 $ 42,000 100% 72% 28 % Product Fragrant Loonzain 52 % 28 % $ 390,000 100 % $ 210,000 100 % 78,000 20 % 84,000 40 % $ 312,000 80% $ 126,000 60 % Total 100% $ 750,000 270,000 480,000 449,280 $ 30,720 100% 36% 64% Dollar sales to break-even Fixed expenses = - CM ratio - = - $449, 280 - = $702,000 0.64 As shown by these data, net operating income is budgeted at $30,720 for the month and the estimated break-even sales is $702,000. Assume that actual sales for the month total $750,000 as planned; however, actual sales by product are: White, $300,000; Fragrant, $180,000; and Loonzain, $270,000. 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. 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% Jo $ 0 Complete this question by entering your answers in the tabs below. Required 1 Required 2 IIIIIIIIIIIIIIIIIIIIIIIIIIIIII IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII lpwzrup punoj zou oa) ezep jenze unoh uo pseq yuow y7 JOJ sjes jejjop up quod un-YEq yi zndwo calculations.) MINIMIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII ILLIMIT 1 M Break-even point in dollar sales Required 1 Required 2 >