Gold Star Rice, Limited, of Thailand exports Thal 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 White 48% Fragrant 20% Loonzain 32% Total 100% Sales Variable expenses $ 350,400 105,120 100% 30% $ 146,000 116,800 Contribution margin Fixed expenses Net operating income $ 245,280 70% $ 29,200 20% 100% $ 233,600 80% 128,480 $ 105,120 100% 55% $ 730,000 350,400 100% 48% 45% 379,600 52% 232,440 $ 147,160 Dollar sales to break-even = Fixed expenses + CM ratio = $232,440 +0.52 = $447,000 As shown by these data, net operating Income is budgeted at $147,160 for the month and the estimated break-even sales is $447,000. Assume actual sales for the month total $730,000 as planned; however, actual sales by product are White, $233,600, Fragrant, $292,000; and Loonzain, $204,400. 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.

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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.