Page 226 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: Product White Fragrant Loonzain Total Percentage of total sales 20% 52% 28% 100% Sales $150,000 100% $390,000 100% $210,000 100% $750,000 100% Variable expenses 108,000 72% 78,000 20% 84,000 40% 270,000 36% Contribution margin $42.000 28% $312.000 80% $126,000 60% 480,000 64% Fixed expenses 449,280 Net operating income $30,720 Dollar sales to break-even Fixed expenses CM ratio $449.280 0.64 = $702,000 As shown by these data, net operating income is budgeted at $30,720 for the month and the estimated break-even sales is $702,000. Assume that actual sales for the month total $750,000 as planned; however, actual sales by product are: White, $300,000; Fragrant, $180,000; and Loonzain, $270,000. Required: 1. Prepare a contribution format income statement for the month based on the actual sales data. Present the income statement in the format shown above. 2. Compute the break-even point in dollar sales for the month based on your actual data. 3. Considering the fact that the company met its $750,000 sales budget for the month, the president is shocked at the results shown on your income statement in (1) above. Prepare a brief memo for the president explaining why the net operating income (loss) and the break-even point in dollar sales are different from what was budgeted