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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: Percentage of total sales Sales Variable expenses Contribution margin White 48% Required 1 Required 2 $ 292,800 87,840 $ 204,960 Percentage of total sales 100% 30% 70% Complete this question by entering your answers in the tabs below. White % 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. Product Fragrant 20% $ 122,000 97,600 $ 24,400 % Prepare a contribution format income statement for the month based on the actual sales data. Gold Star Rice, Limited Contribution Income Statement Product Fragrant % 100% 80% 20% Fixed expenses Net operating income Dollar sales to break-even = Fixed expenses/CM ratio= $229,320/0.52= $441,000 As shown by these data, net operating income is budgeted at $87,880 for the month and the estimated break-even sales is $441,000. Assume that actual sales for the month total $610,000 as planned, however, actual sales by product are: White, $195,200, Fragrant, $244,000; and Loonzain, $170,800. % Loonzain % Loonzain 32% $ 195,200 107,360 $ 87,840 % 100% 55% 45% Total % Total 100% $ 610,000 292,800 $ 317,200 229,320 $ 87,880 % 100% 48% 52%

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: Percentage of total sales Sales Variable expenses Contribution margin White 48% Required 1 Required 2 $ 292,800 87,840 $ 204,960 Percentage of total sales 100% 30% 70% Complete this question by entering your answers in the tabs below. White % 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. Product Fragrant 20% $ 122,000 97,600 $ 24,400 % Prepare a contribution format income statement for the month based on the actual sales data. Gold Star Rice, Limited Contribution Income Statement Product Fragrant % 100% 80% 20% Fixed expenses Net operating income Dollar sales to break-even = Fixed expenses/CM ratio= $229,320/0.52= $441,000 As shown by these data, net operating income is budgeted at $87,880 for the month and the estimated break-even sales is $441,000. Assume that actual sales for the month total $610,000 as planned, however, actual sales by product are: White, $195,200, Fragrant, $244,000; and Loonzain, $170,800. % Loonzain % Loonzain 32% $ 195,200 107,360 $ 87,840 % 100% 55% 45% Total % Total 100% $ 610,000 292,800 $ 317,200 229,320 $ 87,880 % 100% 48% 52%

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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: Percentage of total sales Sales Variable expenses Contribution margin White 48% Required 1 Required 2 $ 292,800 87,840 $ 204,960 Percentage of total sales 100% 30% 70% Complete this question by entering your answers in the tabs below. White 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. Product Fragrant 20% $ 122,000 97,600 $ 24,400 Prepare a contribution format income statement for the month based on the actual sales data. % Fixed expenses Net operating income Dollar sales to break-even = Fixed expenses/CM ratio = $229,320/0.52 = $441,000 As shown by these data, net operating income is budgeted at $87,880 for the month and the estimated break-even sales is $441,000. Assume that actual sales for the month total $610,000 as planned, however, actual sales by product are: White, $195,200; Fragrant, $244,000, and Loonzain, $170,800. 100% 80% 20% Gold Star Rice, Limited Contribution Income Statement Product Fragrant % % Loonzain % Loonzain 32% $ 195,200 107,360 $ 87,840 % 100% 55% 45% Total % Total 100% $ 610,000 292,800 $317,200 229,320 $ 87,880 % 100% 48% 52%
Transcribed Image Text: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: Percentage of total sales Sales Variable expenses Contribution margin White 48% Required 1 Required 2 $ 292,800 87,840 $ 204,960 Percentage of total sales 100% 30% 70% Complete this question by entering your answers in the tabs below. White 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. Product Fragrant 20% $ 122,000 97,600 $ 24,400 Prepare a contribution format income statement for the month based on the actual sales data. % Fixed expenses Net operating income Dollar sales to break-even = Fixed expenses/CM ratio = $229,320/0.52 = $441,000 As shown by these data, net operating income is budgeted at $87,880 for the month and the estimated break-even sales is $441,000. Assume that actual sales for the month total $610,000 as planned, however, actual sales by product are: White, $195,200; Fragrant, $244,000, and Loonzain, $170,800. 100% 80% 20% Gold Star Rice, Limited Contribution Income Statement Product Fragrant % % Loonzain % Loonzain 32% $ 195,200 107,360 $ 87,840 % 100% 55% 45% Total % Total 100% $ 610,000 292,800 $317,200 229,320 $ 87,880 % 100% 48% 52%
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