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 % $ 331,288 99,369 $ 231,840 100 % 38 % 70 % Product Fragrant Loonzain 20 % 32% $ 138,890 100 % $ 220,890 119,480 89 % 121,440 $ 27,680 20 % $ 99,360 180 % 55 % 4 5% Total 100 % $ 690,00 331,209 358,800 230,369 $ 128,440 100 % 48 % 52% Dollar sales to break-even - Fixed expenses CM ratio $230,360 2.52 $443.ee As shown by these data, net operating Income is budgeted at $128,440 for the month and the estimated break-even sales is $443,000 Assume that actual sales for the month total $690,000 as planned. Actual sales by product are: White, $220,800, Fragrant, $276.000; and Loonzain, $193,200. 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. % Answer is not complete. 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. Percentage of total sales White 48 % $ 200,800 100 Gold Star Rice, Ltd. Contribution Income Statement Product Fragrant Loonzain 20 % 32 % S 276,000 100 % S 193.200 100 55 % S 278,000 45 % $ 193.200 100 Total 100 % 890.000 % % 100 % $ 200,800 100 % % 100 % Variable expenses Contribution margin Fixed expenses Net operating income 690.000 443,000 3 247.000 $ (Required 1 Required 2 > 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 Percentage of total sales Sales Variable expenses Contribution margin Fixed expenses Net operating income $ 331,200 99,368 $ 231,848 100 % 38 % 7 0 % Product Fragrant Loonzain 20 % 32% $ 138,00 180 % $ 220,890 119,480 80% 121,440 $ 27,680 20 % $ 99,360 180 % 55 % 45% 100 % 48 Total 100 % $ 690,000 331,209 358,800 230,360 $ 128,440 52 % Dollar sales to break-even - Fixed expenses CM ratio $230,360 @.52 44. PA As shown by these data, net operating Income is budgeted at $128.440 for the month and the estimated break-even sales is $443,000. Assume that actual sales for the month total $690,000 as planned. Actual sales by product are: White, $220,800; Fragrant, $276,000; and Loonzaln, $193,200. 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. Answer is not complete. 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 Required 1 Required 2
