Gold Star Rice, Ltd., of Thailand exports Thal rice throughout Asia. The company grows three varieties of rice-White, Fragrant, and Loonzaln. Budgeted sales by product and in total for the coming month are shown below: Product Percentage of total sales Sales Variable expenses White 48 % $364,800 109,440 $ 255,360 $ 100 % 30% 70 % Fragrant 20% 152,200 121,688 32,400 100 % 89 % 20 % Loonzain 32% $ 243,200 133,760 $ 109,440 100 % 55 % 4 5 % Total 100 % $ 769,299 364,800 395,200 228, 289 $ 166,920 100 % 48 % 52% $ Contribution margin Fixed expenses Net operating income Dollar sales to break-even = Fixed expenses CM ratio . $228,280 0.52 , $439, As shown by these data, net operating Income is budgeted at $166,920 for the month and the estimated break-even sales is $439,000. Assume that actual sales for the month total $760,000 as planned. Actual sales by product are: White, $243,200, Fragrant, $304,000; and Loonzain, $212.800. Required: 1. Prepare a contribution format Income statement for the month based on the actual sales data. White Gold Star Rice, Ltd. Contribution Income Statement Product Fragrant 304.000 % S 243,200 100 % 80.800 80 % 182.400 20 % % Percentage of total sales Sales Wariable expenses Contribution margin Fixed expenses Vet operating income 243.200 s 72.980 170.240 % (97280) 100 30 70 % % % Loonzain 212.800 X % 117,040 X 100 95.760 55 21,280 45 % % % Total 760,000 X % 433.200 326,800 106,400 100 57 43 s S 106.400