Gold Star Rice, Limited, of Thailand exports Thai rice throughout Asia. The company grows three varieties...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Gold Star Rice, Limited, 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 Loonzain 32% $ 233,600 128,480 $ 105,120 White Total Fragrant 20% $ 146,e00 100% Percentage of total sales 48% $ 350,400 105,120 $ 245, 280 10a% 100% 55% $ 730,000 350,400 Sales 1e0x Variable expenses 30% 116,800 sex 48% 70% $ 29,200 45% 379,680 52% 20% Contribution margin 233,480 $ 146,120 Fixed expenses Net operating income Dollar sales to break-even = Fixed expenses / CM ratio = $233,480/0.52 = $449,000 As shown by these data, net operating income is budgeted at $146,120 for the month and the estimated break-even sales is $449,000. Assume that actual sales for the month total $730,000 as planned; however, actual sales by product are: White, $233,600; Fragrant, $292,000, and Loonzain, $204,400 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 Prepare a contribution format income statement for the month based on the actual sales data. Gold Star Rice, Limited Contribution Income Statement Product White Fragrant Loonzain Total % Percentage of total sales % % Gold Star Rice, Limited, 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 Loonzain 32% $ 233,600 128,480 $ 105,120 White Total Fragrant 20% $ 146,e00 100% Percentage of total sales 48% $ 350,400 105,120 $ 245, 280 10a% 100% 55% $ 730,000 350,400 Sales 1e0x Variable expenses 30% 116,800 sex 48% 70% $ 29,200 45% 379,680 52% 20% Contribution margin 233,480 $ 146,120 Fixed expenses Net operating income Dollar sales to break-even = Fixed expenses / CM ratio = $233,480/0.52 = $449,000 As shown by these data, net operating income is budgeted at $146,120 for the month and the estimated break-even sales is $449,000. Assume that actual sales for the month total $730,000 as planned; however, actual sales by product are: White, $233,600; Fragrant, $292,000, and Loonzain, $204,400 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 Prepare a contribution format income statement for the month based on the actual sales data. Gold Star Rice, Limited Contribution Income Statement Product White Fragrant Loonzain Total % Percentage of total sales % %
Expert Answer:
Answer rating: 100% (QA)
2 Dollar sales to break even Fixed expenses CM ratio 233480 043 54297674 Gold Star ... View the full answer
Related Book For
Managerial Accounting
ISBN: 978-0697789938
13th Edition
Authors: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
Posted Date:
Students also viewed these accounting questions
-
Gold Star Rice, Ltd., of Thailand exports Thai rice throughout Asia. The company grows three varieties of riceFragrant, White, and Loonzain. (The currency in Thailand is the baht. which is denoted by...
-
Gold Star Rice, Ltd., of Thailand exports Thai rice throughout Asia. The company grows three varieties of riceWhite, Fragrant, and Loonzain. Budgeted sales by product and in total for the coming...
-
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...
-
A random walk in an undirected connected graph moves from a vertex to one of its neighbors, where each possibility has equal probability of being chosen. (This process is the random surfer analog for...
-
Firms auditing public entities are required to have periodic inspections conducted by the PCAOB. Required: a. What are the major characteristics of PCAOB inspections? b. What types of firms typically...
-
What is bolt-on software?
-
Which theory emphasizes the importance of cooperation and participation in the workplace? A. Chaos Theory. B. Systems Theory. C. Classical Theory. D. Neoclassical Theory.
-
Use the integrated ethical decision-making process described in Chapter 2 to evaluate the ethical and professional issues in the case. What would you do if you were in Vinny Barbieris position?
-
i need the values of constrinuted surplus and common shares Preferred shares, $3 non-cumulative, unlimited number authorized, 5,500 issued $1,402,500 Common shares, unlimited number authorized,...
-
The bank reconciliation prepared by Village-on-the-Lake Condos on May 31, 2020, is shown below: The Cash account in the general ledger appeared as follows on June 30: A list of deposits made and...
-
Task 3.3 A=60, K = 0.4, b = 1.8 The power dissipated in a system (in watts) is given by the mathematical model P = At e kt Power (walls) P(t) Power against time t time(s) The area between the curve,...
-
6.12 Dutch Mobile Company is producing jet fuel from crude oil in its refinery in Mexico. It is considering three mutually exclusive alternatives to improve the efficiency of its refinery process....
-
6. Suppose the index model for stocks 1 and 2 has the following results R = 2% +0.8RM + e, R = -1% + 1.1 RM + 2, M = 20%. The standard deviations of e, and e are 20% and 25% respectively. (1)...
-
2. Janice consumes two goods, X and Y. Janice has a utility function given by the expression: U = 4X0.5y0.5 The current prices of X and Y are $25 and $50, respectively. Janice currently has an income...
-
1. Consider the case of European IBM call and put options that have exercise price of $115 and expire in two months. The price of the call is $3, and the price of the put is $6. Assume IBM is...
-
2. Consider a market with only two risky stocks, A and B, and one risk-free asset. We have the following information about the stocks. Stock A Stock B Number of shares in the market Price per share...
-
import numpy as np import pandas as pd import matplotlib.pyplot as plt import seaborn as sn import os import math from sklearn.cluster import KMeans import matplotlib.pyplot as plt from sklearn.metric
-
A handrail, which weighs 120 N and is 1.8 m long. was mounted to a wall adjacent to a small set of steps (Figure P4.26). The support at A has broken, and the rail has fallen about the loose bolt at 8...
-
How many Work in Process accounts are maintained in a company that uses process costing?
-
Labs, Inc., produces various chemical compounds for industrial use. One compound, called Fludex, is prepared using an elaborate distilling process. The company has developed standard costs for one...
-
What happens to overhead rates based on direct labor when automated equipment replaces direct labor?
-
White Corporation has 80,000 shares of \(\$ 5\) par value common stock outstanding. At year-end, the company declares a five percent stock dividend. The market price of the stock on the declaration...
-
Use the following data to prepare a statement of retained earnings for Barney Corporation. Total retained earnings originally reported at January 1... Cash dividends declared during the year. Net...
-
Bernard Corporation has the following shares outstanding: 8,000 shares of \(\$ 50\) par value, six percent preferred stock and 50,000 shares of \(\$ 1\) par value common stock. The company has \(\$...
Study smarter with the SolutionInn App