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.

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: Percentage of total sales Sales Variable expenses Contribution margin Fixed expenses Net operating income White 48% $ 384,000 115,200 $ 268,800 100% 30% 70% Product Fragrant Loonzain 208 328 $ 160,000 100% $ 256,000 128,000 808 140,800 $ 32,000 20% $ 115,200 1008 55% 45$ Total 100% $ 800,000 384,000 416,000 226,720 $ 189,280 1008 48% 528 Dollar sales to break-even = Fixed expenses / CM ratio = $226,720 / 0.52 = $436,000 As shown by these data, net operating income is budgeted at $189,280 for the month and the estimated break-even sales is $436,000. Assume that actual sales for the month total $800,000 as planned; however, actual sales by product are: White, $256,000; Fragrant, $320,000; and Loonzain, $224,000. 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 Prepare a contribution format income statement for the month based on the actual sales data. 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 32 % 40 % 28 % 100 % Sales 100 % 100 % 100 % 100 Variable expenses 30 % 80 55 % 57 Contribution margin 0 70 % $ 0 20 $ o 45 % 0 43 % Fixed expenses Net operating income $ Complete this question by entering your answers in the tabs below. Required 1 Required 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 sales