The first thing is preparing a contribution format, income statement for the month based on the actual sales data provided. Second is to compute the break even point in dollar sales for the month based on the 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: Product White Fragrant Loonzain Total Percentage of total sales 208 528 28% 1008 Sales $ 150, 000 100% $ 390, 000 100% $ 210, 000 1008 $ 750 , 000 100% Variable expenses 108 , 000 728 78, 000 208 84 , 000 408 270, 000 36% Contribution margin $ 42, 000 288 $ 312,000 80% $ 126,000 608 480, 000 64% Fixed expenses 449, 280 Net operating income $ 30, 720 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