Gold Star Rice. Ltd.. of Thailand exports Thai rice throughout Asia. The company

Question

Gold Star Rice. Ltd.. of Thailand exports Thai rice throughout Asia. The company grows three varieties of rice-Fragrant. White, and Loonzain. Budgeted sales by product and in total for the coming month are shown below: As shown by these data, net operating income is budgeted at $122,200 for the month and break even sales at $445,000. Assume that actual sales for the month total $680, 000 as planned. Actual sales by product are: White. $217,600: Fragrant. $272,000: and Loonzain. $190,400. 1. Prepare a contribution format income statement for the month based on actual sales data.

Explanation / Answer

CONTRIBUTION INCOME STATEMENT WHITE FRAGRANT LOONZAIN TOTAL Percentage of Total 32 % 40 % 28 % 100 % Sales 217600 100% 272,000 100% 190,400 100% 680,000 100% Variable expense 65280 30% 217600 80% 104720 55% 387600 57% Contribution margin 152320 70% 54400 20% 85680 45% 292400 43% Fixed expense 231,400 Net Operating income 61,000

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