FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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1
Gold Star Rice, Ltd., 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
Percentage of total sales
Sales
Variable expenses
Contribution margin
Fixed expenses
Net operating income
White
481
$ 340,800
102,240
$ 238,560
rixed expenses
CM ratio
Fragrant
201
100 $ 142,000
30
113,600
70% $28,400
$227,240 - $437,000
0.52
100 $227,200 100
801 124,960 55
20 % $ 102,240
45
Loonzain
32
Complete this question by entering your answers in the tabs below.
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.
Required 1 Required 2
Prepare a contribution format income statement for the month based on the actual sales data.
Total
100
$ 710,000
340,800
369,200
227,240
$ 141,960
Dollar sales to break-even
As shown by these data, net operating income is budgeted at $141,960 for the month and the estimated break-even sales is $437,000.
Assume that actual sales for the month total $710,000 as planned. Actual sales by product are: White, $227,200; Fragrant, $284,000;
and Loonzain, $198,800.
100
48 1
52
expand button
Transcribed Image Text:1 Gold Star Rice, Ltd., 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 Percentage of total sales Sales Variable expenses Contribution margin Fixed expenses Net operating income White 481 $ 340,800 102,240 $ 238,560 rixed expenses CM ratio Fragrant 201 100 $ 142,000 30 113,600 70% $28,400 $227,240 - $437,000 0.52 100 $227,200 100 801 124,960 55 20 % $ 102,240 45 Loonzain 32 Complete this question by entering your answers in the tabs below. 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. Required 1 Required 2 Prepare a contribution format income statement for the month based on the actual sales data. Total 100 $ 710,000 340,800 369,200 227,240 $ 141,960 Dollar sales to break-even As shown by these data, net operating income is budgeted at $141,960 for the month and the estimated break-even sales is $437,000. Assume that actual sales for the month total $710,000 as planned. Actual sales by product are: White, $227,200; Fragrant, $284,000; and Loonzain, $198,800. 100 48 1 52
V
wwwwww
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.
Complete this question by entering your answers in the tabs below.
Required 1 Required 2
Prepare a contribution format income statement for the month based on the actual sales data.
Gold Star Rice, Ltd.
Contribution Income Statement
Product
Fragrant
%
Percentage of total sales
Dollar sales to break-even
White
%
%
%
%
Required 1
Fixed expenses
CM ratio
Break-even point in dollar sales
-
%
%
%
Required t
$227,240
0.52
< Required 1
<-$437,000
Complete this question by entering your answers in the tabs below.
Loonzain
%
0
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.
%
%
%
Required 2 >
As shown by these data, net operating income is budgeted at $141,960 for the month and the estimated break-even sales is $437,000.
Assume that actual sales for the month total $710,000 as planned. Actual sales by product are: White, $227,200; Fragrant, $284,000;
and Loonzain, $198,800.
Total
Required 2
Compute the break-even point in dollar sales for the month based on your actual data. (Round your answer to the nearest
whole dollar amount.)
%
%
expand button
Transcribed Image Text:V wwwwww 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a contribution format income statement for the month based on the actual sales data. Gold Star Rice, Ltd. Contribution Income Statement Product Fragrant % Percentage of total sales Dollar sales to break-even White % % % % Required 1 Fixed expenses CM ratio Break-even point in dollar sales - % % % Required t $227,240 0.52 < Required 1 <-$437,000 Complete this question by entering your answers in the tabs below. Loonzain % 0 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. % % % Required 2 > As shown by these data, net operating income is budgeted at $141,960 for the month and the estimated break-even sales is $437,000. Assume that actual sales for the month total $710,000 as planned. Actual sales by product are: White, $227,200; Fragrant, $284,000; and Loonzain, $198,800. Total Required 2 Compute the break-even point in dollar sales for the month based on your actual data. (Round your answer to the nearest whole dollar amount.) % %
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