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 % $ 316,800 95,040 $ 221,760 100 % 30 % 70 % Fragrant 20 % $ 132,000 105,600 $ 26,400 Product Loonzain 32 % 100 % $ 211,200 80 % 116,160 20 % $ 95,040 100 % 55 % 45 % Total 100 % $ 660,000 316,800 343,200 229,320 $ 113,880 100 % 48 % 52 % Dollar sales to break-even = Fixed expenses CM ratio $229,320 0.52 = $441,000 As shown by these data, net operating income is budgeted at $113,880 for the month and the estimated break-even sales is $441,000. Assume that actual sales for the month total $660,000 as planned; however, actual sales by product are: White, $211,200; Fragrant, $264,000; and Loonzain, $184,800. 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