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 $ 345,600 100 % $ 144,000 100 % $ 230,400 100 % $ 720,000 100 % Variable expenses 103,680 30 % 115,200 80 % 126,720 55 % 345,600 48 % Contribution margin $ 241,920 70 % $ 28,800 20 % $ 103,680 45 % 374,400 52 % Fixed expenses 230,360 Net operating income $ 144,040 Dollar sales to break-even = Fixed expenses = $230,360 = $443,000 CM ratio 0.52 As shown by these data, net operating income is budgeted at $144,040 for the month and the estimated break-even sales is $443,000. Assume that actual sales for the month total $720,000 as planned. Actual sales by product are: White, $230,400; Fragrant, $288,000; and Loonzain, $201,600. 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. Garrison 16e Rechecks 2017-10-23