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 % Fragrant Loonzain Percentage of total sales Sales Variable expenses Contribution margin Fixed expenses Net operating income 20 % 32 % $ 336,000 100% $140,000 100% $224,000 100% $700,000 100% 48 % 52 % 30 % 80% 20% $ 100,800 55 % 45 % 100,800 112,000 123,200 336,000 364,000 227, 248 $ 136,760 $ 235,200 70% $ 28,000 $227,240 0.52 1xed expenses Dollar sales to break-even -$437,000 CM ratio As shown by these data, net operating income is budgeted at $136,760 for the month and the estimated break-even sales is $437,000. Assume that actual sales for the month total $700,000 as planned. 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