Answered step by step
Verified Expert Solution
Question
1 Approved Answer
this problem has multiple parts please answer all. thank you 1 Gold Star Rice, Ltd., of Thailand exports Thai rice throughout Asia. The company grows
this problem has multiple parts please answer all. thank you
1 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: White 6 points Percentage of total sales Sales Variable expenses Contribution margin Fixed expenses Net operating income Product Fragrant Loonzain Total 48 % 20 % 32% 100% $340, 800 100 % $142,000 100% $227,200 100% $710,000 100% 102, 240 30% 113,600 80% 124,960 55% 340,800 48% $238,560 70 % $ 28,400 20% $102,240 45% 369,200 52% 232,960 $136,240 eBook Reference Dollar sales to break-even Fixed expenses CM ratio = $232,960 = 0.52 $448,000 As shown by these data, net operating income is budgeted at $136,240 for the month and the estimated break-even sales is $448,000. Assume that actual sales for the month total $710,000 as planned; however, 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. Complete this question by entering your answers in the tabs below. Required Required 1 2 Prepare a contribution format income statement for the month based on the actual sales data. Gold Star Rice, Ltd. Contribution Income Statement Product Fragrant Loonzain White Total Percentage of total sales % % % % % % % % % % % % % % % % Required 1 Required 2 > Required Required 1 2 Compute the break-even point in dollar sales for the month based on your actual data. (Do not round intermediate calculations. Round your answer to the nearest whole dollar amount.) Break-even point in dollar salesStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started