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 riceWhite, 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 Product White Fragrant Loonzain Total 488 208 328 100 % $ 292,800 100 $ $ 122,000 100 $ $ 195,200 100 $ $ 610,000 100 % 87,840 30 $ 97,600 80 $ 107,360 55 % 292,800 48 % $ 204,960 70$ $ 24,400 20 $ $ 87,840 45 % 317,200 52 % 225,680 $ 91,520 Dollar sales to break-even = - Fixed expenses CM ratio $225,680 - = $434,000 0.52 As shown by these data, net operating income is budgeted at $91,520 for the month and the estimated break-even sales is $434,000. Assume that actual sales for the month total $610,000 as planned. Actual sales by product are: White, $195,200; Fragrant, $244,000; and Loonzain, $170,800. 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