Problem 5-21A 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 Fragrant, White, and Loonzain. Budgeted sales by product and in total for the coming month are shown below: Product White Loonzain Fragrant Total Percentage of total sales 48% 20% 32% 100% $369,600 100% 154,000 100% $246,400 100% $770,000 100% Sales Variable expenses 110,880 30% 123,200 80% 135,520 55% 369,600 48% $258,720 70% 30,800 20% 110,880 45% 400,400 52% Contribution margin 227,240 Fixed expenses 173,160 Net operating income $227,240 $437,000 0.52 Fixed expenses Dollar sales to break even CM ratio As shown by these data, net operating income is budgeted at $173,160 for the month and break even sales at $437,000. Assume that actual sales for the month total $770,000 as planned. Actual sales by product are: White, $246,400; Fragrant, $308,000; and Loonzain, $215,600. Required 1. Prepare a contribution format income statement for the month based on actual sales data. Gold Star Rice, Ltd Contribution Income Statement Product White Total Fragrant Loonzain Percentage of total %1 %1 0 0 0 0