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

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 232,440 Net operating income $ 178,360 Dollar sales
to break-even = Fixed expenses = $232,440 = $447,000 CM ratio 0.52
As shown by these data, net operating income is budgeted at
$178,360 for the month and the estimated break-even sales is
$447,000. 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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