014954 Priv 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 Percentage of total sales Sales Variable expenses Contribution margin White 40% $ 355,200 106,560 $ 240,640 Fragrant 201 100% $140,000 110,400 $ 29,600 30% 70% 100 80% 20% Loonzain 328 236,900 130,240 106,560 Total 100% 100% $740,000 55% 355,200 364,800 227,760 45% $ 157,040 Fixed expenses Net operating income Dollar sales to break-even Fixed expenses/CM ratio $227760/0.52-$438,000 As shown by these data, net operating income is budgeted at $157,040 for the month and the estimated break-even sales is $438,000. 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. 100% 481 529 Assume that actual sales for the month total $740,000 as planned; however, actual sales by product are: White, $236,800; Fragrant, $296,000; and Loonzain, $207,200.

014954 Priv 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 Percentage of total sales Sales Variable expenses Contribution margin White 40% $ 355,200 106,560 $ 240,640 Fragrant 201 100% $140,000 110,400 $ 29,600 30% 70% 100 80% 20% Loonzain 328 236,900 130,240 106,560 Total 100% 100% $740,000 55% 355,200 364,800 227,760 45% $ 157,040 Fixed expenses Net operating income Dollar sales to break-even Fixed expenses/CM ratio $227760/0.52-$438,000 As shown by these data, net operating income is budgeted at $157,040 for the month and the estimated break-even sales is $438,000. 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. 100% 481 529 Assume that actual sales for the month total $740,000 as planned; however, actual sales by product are: White, $236,800; Fragrant, $296,000; and Loonzain, $207,200.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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