Problem 5-21 (Algo) Sales Mix; Multiproduct Break-Even Analysis (LO5-9] 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 % $ 336,000 100,800 $ 235,200 100 % 30% 70% Product Fragrant Loonzain Total 20% 32 % 100 % $ 140,000 100 % $ 224,000 100% $ 700,000 112,000 80 % 123,200 55 % 336,000 $ 28,000 20% $ 100,800 45 % 364,000 229,840 $ 134,160 100% 48 % 52 % Dollar sales to break-even Fixed expenses CM ratio $229,840 0.52 = $442,000 As shown by these data, net operating income is budgeted at $134,160 for the month and the estimated break-even sales is $442,000. Assume that actual sales for the month total $700,000 as planned; however, actual sales by product are: White, $224,000; Fragrant, $280,000; and Loonzain, $196,000. 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. Dollar sales to break-even Fixed expenses CM ratio $229,840 0.52 $442,000 As shown by these data, net operating income is budgeted at $134,160 for the month and the estimated break-even sales is $442,000. Assume that actual sales for the month total $700,000 as planned; however, actual sales by product are: White, $224,000; Fragrant, $280,000; and Loonzain, $196,000. 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 White Fragrant Loonzain Total Percentage of total sales % % % % % % % % % % % % $ 0 0% $ 0 0 % $ 0 0 % 0 0 % 0 Required 1 Required 2