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Gold Star Rice, Ltd., of Thailand exports Thal 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 Thal 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: Percentage of total sales Sales Variable expenses Contribution margin Fixed expenses Net operating income White 48 % $ 379, 2ee 113,760 $ 265,440 lee 30 % 70 % Product Fragrant Loonzain 20 % 32 % $ 158,eee 100% $ 252,800 126,4ee 80 % 139, 040 $ 31,6ee 28 % $ 113,760 100% 55 % 45% Total 100 % $ 790, mee 379, 2ee 410, see 227,240 $ 183,560 100% 48 % 52% Dollar sales to break-even Fixed expenses CM ratio $227, 248 0.52 $437,eee As shown by these data, net operating income is budgeted at $183,560 for the month and the estimated break-even sales is $437.000 Assume that actual sales for the month total $790,000 as planned. Actual sales by product are: White, $252,800; Fragrant, S316,000; 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. 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 96 White Loonzain Total Percentage of total sales % 96 96 %6 %6 96 %6 96 96 96 96 96 9% 96 96 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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