Gold Star Rice, Ltd., of Thailand exports Thai rice throughout Asia. The company grows three varieties of rice-Fragrant, White, and Loonzain. Budgeted sales by product and in total for the coming month are shown below: Total Percentage of total sales Sales Variable expenses Contribution margin. Fixed expenses Net operating income White 20% $150,000 108,000 $ 42,000 Product Fragrant 52% $390,000 78,000 $312,000 100% 729 28% 100% 209 80% Loonzain 28% $210,000 84,000 $126,000 10096 40% 60% 100% $750,000 270,000 480,000 449,280 $30.720 100% 36% 64% Dollar sales to Fixed expenses_$449,280 $702,000 break even CM ratio 0.64 As shown by these data, net operating income is budgeted at $30,720 for the month and break- even sales at $702,000. Assume that actual sales for the month total $750,000 as planned. 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 actual sales data. Present the income statement in the format shown above. 2. Compute the break-even point in dollar sales for the month based on your actual data. 3. Considering the fact that the company met its $750,000 sales budget for the month, the presi- dent is shocked at the results shown on your income statement in (1) above. Prepare a brief memo for the president explaining why both the operating results and the break-even point in dollar sales are different from what was budgeted