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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 month are shown below:

	Product
	White					Fragrant					Loonzain					Total
Percentage of total sales		20	%				52	%				28	%				100	%
Sales	$	150,000		100	%	$	390,000		100	%	$	210,000		100	%	$	750,000		100	%
Variable expenses		108,000		72	%		78,000		20	%		84,000		40	%		270,000		36	%
Contribution margin	$	42,000		28	%	$	312,000		80	%	$	126,000		60	%		480,000		64	%
Fixed expenses																	449,280
Net operating income																$	30,720

Dollar sales to break-even	=	Fixed expenses	=	$449,280	= $702,000
		CM ratio		0.64

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. 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.

Gold Star Rice, Ltd. Contribution Income Statement Product Fragrant % Total White % Loonzain % Percentage of total sales [

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