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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
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 480 Percentage of total sales Sales Variable expenses Contribution margin Tixed expenses Net operating income $ 379,200 113,760 $ 265,440 1008 308 708 Product Pragrant 203 $ 158,000 1008 126,400 808 $ 31,600 203 Toonzain 329 $ 252,8001008 1 39,040554 113,760 458 Total 1003 $ 790,000 379,200 410,800 232,440 $ 178, 360 100% 488 525 Dollar sales to break-even xed expenses CM ratio $232,440 0.52 As shown by these data, net operating income is budgeted at $178,360 for the month and the estimated break-even sales is $447.000. Assume that actual sales for the month total $790,000 as planned. Actual sales by product are: White, $252,800; Fragrant, $316,000; and Loonzain, $221,200. 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. 2. Compute the break-even point in dollar sales for the month based on your actual data. Complete this question by entering your answers in the tabs below. 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% Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the break-even point in dollar sales for the month based on your actual data. (Round your answer to the nearest whole dollar amount.) Break-even point in dollar sales
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