Problem 6-21 (Static) Sales Mix; Multiproduct Break-Even Analysis (LO6-9) Gold Star Rice, Limited, of Thailand exports Thal 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: Percentage of total sales Sales variable expenses Contribution margin Fixed expenses Net operating income White 20% $ 150, eee 188, eee $ 42, eee 100% 72% 28% Product Fragrant 52% $ 390,000 1ee% 78,000 20% $ 312,000 8e Loonzain 28% $ 210,000 100% 84,000 40% $ 126,000 60% Total 100% $ 750, eee 270, eee $ 480, eee 449, 280 $ 30,720 100% 36% 64% Dollar sales to break-even = Fixed expenses/CM ratio = $449,280/0.64 = $702,000 As shown by these data, net operating income is budgeted at $30,720 for the month and the estimated break-even sales is $702,000. Assume that actual sales for the month total $750,000 as planned; however, actual sales by product are: White, $300,000; Fragrant, $180,000; and Loonzain, $270,000. 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 2 Prepare a contribution format income statement for the month based on the actual sales data. Gold Star Rice, Limited Contribution Income Statement Product Fragrant White Loonzain Total Percentage of total sales % % % % % % % % % % % % % % %