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 48% $ 336,000 100,800 $ 235, 200 100% 30% Percentage of total sales Sales Variable expenses Contribution margin Fixed expenses Net operating income Product Fragrant 20% $ 140,000 100% 112,000 80% $ 28,000 20% Loonzain 32% $ 224,000 100% 123,200 55% $ 100,800 45% 100% 48% Total 100% $ 700,000 336,000 364,000 225,160 $ 138,840 70% 52% Dollar sales to break-even Fixed expenses CM ratio $225,160 0.52 = $433,000 As shown by these data, net operating income is budgeted at $138,840 for the month and the estimated break-even sales is $433,000. Assume that actual sales for the month total $700,000 as planned. Actual sales by product are: White, $224,000; Fragrant, $280,000; and Loonzain, $196,000. 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. Gold Star Rice, Ltd. Contribution Income Statement Product White Fragrant Loonzain Total Percentage of total sales % % % % % % % % % 0 % $ % % $ 0 0 % $ 0 0 0 % 0 0 % $ 0 Break-even point in dollar sales