Problem 5-21 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: Product White 48 % Total 100 % Loonzain Fragrant 20 % 32 100% $227,200 124,960 20 % $ 102,240 Percentage of total sales Sales Variable expenses Contribution margin Fixed expenses Net operating income $340,800 102,240 238,560 100% $142,000 113,600 70% $ 28,400 100% $710,000 340,800 369,200 230,360 $ 138,840 100% 48% 52 30% 80 % 55 % 45 S Fixed expenses CM ratio $230,360 0.52 Dollar sales to break-even = $443,000 As shown by these data, net operating income is budgeted at $138,840 for the month and the estimated break-even sales is $443,000 Assume that actual sales for the month total $710,000 as planned. Actual sales by product are: White, $227,200; Fragrant, $284,000; and Loonzain, $198,800 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