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 48% Fragrant 20% $ 326,400 97,920 $ 228,480 Percentage of total sales Sales Variable expenses Contribution margin Fixed expenses Net operating income Dollar sales to break-even - Fixed expenses + CM ratio- $224,120+ 0.52-$431,000 As shown by these data, net operating income is budgeted at $129,480 for the month and the estimated break-even sales is $431,000. Assume actual sales for the month total $680,000 as planned; however, actual sales by product are White, $217,600; Fragrant, $272,000, and Loonzain, $190,400. Loonzain 32% 100% $ 136,000 30% 108,800 70% $ 27,200 100% $217,600 80% 119,680 20% $ 97,920 Total 100% 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. 100% $ 680,000 55% 326,400 45% 353,600 224,120 $ 129,480 100% 48% 52%

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Master Budget

A master budget can be defined as an estimation of the revenue earned or expenses incurred over a specified period of time in the future and it is generally prepared on a periodic basis which can be either monthly, quarterly, half-yearly, or annually. It helps a business, an organization, or even an individual to manage the money effectively. A budget also helps in monitoring the performance of the people in the organization and helps in better decision-making. 

Sales Budget and Selling

A budget is a financial plan designed by an undertaking for a definite period in future which acts as a major contributor towards enhancing the financial success of the business undertaking. The budget generally takes into account both current and future income and expenses.