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 Fixed expenses Net operating income White 48% $ 288,000 86,400 $ 201,600 100% 30% 70% Fragrant 20% $ 120,000 96,000 $ 24,000 Product Loonzain 32% 100% $ 192,000 80% 105,600 20% $ 86,400 100% 55% 45% Total 100% $ 600,000 288,000 312,000 224,120 $ 87,880 100% 48% 52% 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 $87,880 for the month and the estimated break-even sales is $431,000. Assume actual sales for the month total $600,000 as planned; however, actual sales by product are White, $192,000; Fragrant, $240,000; and Loonzain, $168,000. 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, 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 Fixed expenses Net operating income White 48% $ 288,000 86,400 $ 201,600 100% 30% 70% Fragrant 20% $ 120,000 96,000 $ 24,000 Product Loonzain 32% 100% $ 192,000 80% 105,600 20% $ 86,400 100% 55% 45% Total 100% $ 600,000 288,000 312,000 224,120 $ 87,880 100% 48% 52% 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 $87,880 for the month and the estimated break-even sales is $431,000. Assume actual sales for the month total $600,000 as planned; however, actual sales by product are White, $192,000; Fragrant, $240,000; and Loonzain, $168,000. 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.

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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