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Gold Star Rice, Ltd., of Thailand exports Thai rice throughout Asia. The company grows three varieties...

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 Fragrant Loonzain Total Percentage of total sales 48 % 20 % 32 % 100 % Sales $ 379,200 100 % $ 158,000 100 % $ 252,800 100 % $ 790,000 100 % Variable expenses 113,760 30 % 126,400 80 % 139,040 55 % 379,200 48 % Contribution margin $ 265,440 70 % $ 31,600 20 % $ 113,760 45 % 410,800 52 % Fixed expenses 223,600 Net operating income $ 187,200 Dollar sales to break-even = Fixed expenses = $223,600 = $430,000 CM ratio 0.52 As shown by these data, net operating income is budgeted at $187,200 for the month and the estimated break-even sales is $430,000. Assume that actual sales for the month total $790,000 as planned. Actual sales by product are: White, $252,800; Fragrant, $316,000; and Loonzain, $221,200. 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.

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