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Is this correct? If not please correct any mistake Gold Star Rice, Ltd., of Thailand exports Thai rice throughout Asia. The company grows three varieties

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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 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 % $ 302,400 90, 720 $ 211,680 100 % 30 % 70 % Product Fragrant Loonzain 20 % 32 % $ 126,000 100 % $ 201,600 100 % 100, 800 80 % 110,880 55 % $ 25, 200 20% $ 90,720 45 % Total 100 % $ 630,000 302,400 327,600 226, 720 $ 100,880 100 % 48 % 52 % Dollar sales to break-even - Fixed expenses CM ratio $226, 720 0.52 = $436,000 As shown by these data, net operating income is budgeted at $100,880 for the month and the estimated break-even sales is $436,000. Assume that actual sales for the month total $630,000 as planned. Actual sales by product are: White, $201,600; Fragrant, $252,000; and Loonzain, $176,400. 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. 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 White Total Loonzain 32% 481% 100% Percentage of total sales Sales $ 100% $ Fragrant 20% 252,000 201,600 50,400 100 % $ 100% $ 630,000 201,600 60,480 141,120 176,400 97,0201 100% 48% Variable expenses Contribution margin 55% 30% 70 % 80% 20 % 302,400 327,600 $ $ $ 79,380 45 % 52 % Fixed expenses 226,720 100,880 Net operating income $ 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 $ 532,308

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