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 White 48 % Fragrant 20% Loonzain 32 % Total 100 % Percentage of total sales Sales Variable expenses Contribution margin Fixed expenses Net operating income $336,000 100% $140,000 100% $224,000 100% $700,000 100% 48 % 55 % 45 % 80 % 30 % 70 % $ 28,000 336,000 364,000 229,840 $ 134,160 100,800 $ 235,200 123,200 109,800 112,000 20 % 52 % Fixed expenses$229,840 Dollar sales to break-even - $442,000 CM ratio 0.52 As shown by these data, net operating income is budgeted at $134,160 for the month and the estimated break-even sales is $442,000 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