Cost Accounting Practice Set (L. Payongayong)

NOVELTY CRAFTS INC.
GENERAL JOURNAL
January 2011
Date
Jan.
Description
3 WIP - Painting
Materials Inventory
PR
1105b
1106
3 WIP - Molding
Materials Inventory
1105a
1106
6,000.00
1101
4101
2107
268,800.00
5101
1104
120,000.00
5 Withholding Taxes Payable

Cash
2101
1101
9,525.00
5 Accounts Payable
Cash
2106
1101
25,000.00
6 WIP - Packaging
Materials Inventory
1105c
1106
2,394.00
8 WIP - Molding
WIP - Painting
WIP - Packaging
Applied Factory Overhead
1105a
1105b
1105c
5105
280.00
4,200.00
140.00
1101
4101
2107
56,448.00
5101
1105a
1105b
1105c
25,200.00
10 SSS, PhilHealth Payable

Cash
2103
1101
4,540.00
10 Pag IBIG Payable

Cash
2104
1101
2,200.00
10 Materials Inventory
VAT Payable
Cash
1106
2107
1101
18,630.00
2,235.60
10 Factory Overhead Control

Selling and Marketing Expense Control
Gen. and Admin. Expense Control
Cash
5104
5103
5102
1101
4,000.00
6,000.00
5,000.00
5 Cash
Sales
VAT Payable
Cost of Goods Sold
Finished Goods Inventory
8 Cash
Sales
VAT Payable
Cost of Goods Sold
WIP - Molding
WIP - Painting
WIP - Packaging
Debit
990.00
NOVELTY CRAFTS INC.

GENERAL JOURNAL
January 2011
10 Accounts Payable
Cash
2106
1101
60,000.00
10 Cash
1101
1103
70,000.00
1110
1101
4,800.00
1105b
1106
3,300.00
10 Prepaid Insurance
Cash
1110
1101
7,000.00
10 Accounts Receivable
Sales
VAT Payable
1103
4101
2107
13,440.00
5101
1104
6,000.00
11 Gen. and Admin. Expense Control

Cash
5102
1101
16,000.00
14 Accrued Expense Payable

Cash
2105
1101
5,400.00
14 Payroll
5106
1101
1,508.00
Cash
5106
1101
97,365.50
Cash
1105a
1105b
1105c
5104
5102
5103
5106
2,020.00
12,423.00
1,508.00
25,042.25
39,876.25
18,004.00
VAT Payable
Cash
1106
2107
1101
12,150.00
1,458.00
14 Selling and Marketing Expense Control

Cash
5103
1101
3,000.00
14 Cash
1101
1103
30,000.00
Accounts Receivable
10 Prepaid Insurance
Cash
10 WIP - Painting
Materials Inventory
Cost of Gooods Sold

14 Payroll
14 WIP - Molding
WIP - Painting
WIP - Packaging
Factory Overhead Control
Payroll
Accounts Receivable
NOVELTY CRAFTS INC.

GENERAL JOURNAL
January 2011
Sales
VAT Payable
1103
4101
2107
8,064.00
Cost of Goods Sold

5101
1104
3,600.00

VAT Payable
Cash
Withholding Taxes Payable
5102
5103
5104
2107
1101
2101
4,000.00
2,000.00
14,000.00
2,400.00
18 Factory Supplies Inventory

Cash
1107
1101
4,500.00
18 Cash
1101
1103
13,440.00
1105a
1106
2,400.00

VAT Payable
Cash
5103
2107
1101
2101
15,000.00
1,800.00
Sales
VAT Payable
1103
4101
2107
26,880.00
5101
1104
8,500.00
22 WIP - Painting
Materials Inventory
1105b
1106
1,320.00
22 WIP - Packaging
Materials Inventory
1105c
1106
3,420.00
24 WIP - Molding
WIP - Painting
WIP - Packaging
1105a
1105b
1105c
5105
400.00
6,000.00
200.00
Accounts Receivable
20 WIP - Molding
Materials Inventory
Cost of Goods Sold

NOVELTY CRAFTS INC.

GENERAL JOURNAL
January 2011
24 Finished Goods Inventory
WIP - Molding
WIP - Painting
WIP - Packaging
1104
1105a
1105b
1105c
36,000.00
25 VAT Payable
Cash
2107
1101
23,262.00
VAT Payable
Cash
1106
2107
1101
2,025.00
243.00
Sales
VAT Payable
1103
4101
2107
40,320.00
5101
1104
12,750.00
1101
1103
26,880.00
1105a
1106
6,000.00
1101
1103
40,320.00
Accounts Receivable
5106
2103
2104
1101
2108
4,212.00
SSS, PhilHealth Payable

Pag IBIG Payable
Cash
Accrued Payroll
VAT Payable
Cash
1106
2107
1101
4,050.00
486.00
31 Payroll
5106
2103
2104
2101
1101
99,996.50
1105a
1105b
1105c
5104
5103
5102
4,040.00
14,443.00
4,212.00
24,183.75
18,079.75
39,250.00
Cost of Goods Sold

27 Cash
Accounts Receivable
27 WIP - Molding
Materials Inventory
27 Cash
31 Payroll

Pag IBIG Payable
Cash
31 WIP - Molding
WIP - Painting
WIP - Packaging
Payroll
NOVELTY CRAFTS INC.

GENERAL JOURNAL
January 2011
31 WIP - Molding
WIP - Painting
WIP - Packaging
1105a
1105b
1105c
5105
160.00
2,400.00
80.00
1101
4101
2107
32,256.00
5101
1105a
1105b
1105c
14,400.00
1106
2107
2106
6,075.00
729.00
31 WIP - Packaging
Materials Inventory
1105c
1106
1,368.00
Materials Price Variance
1106
VA26
195.00
31 WIP - Molding
Material Quantity Variance
1105a
VA26
210.00
31 Labor Qty/Efficiency Variance

WIP - Molding
WIP - Painting
VA26
1105a
1105b
303.00
31 FOH Variances
WIP - Molding
WIP - Painting
VA26
1105a
1105b
120.00
31 Cash
Sales
VAT Payable
Cost of Goods Sold

WIP - Molding
WIP - Painting
WIP - Packaging
VAT Payable
Accounts Payable
NOVELTY CRAFTS INC.

GENERAL JOURNAL
January 2011
Jan.
ADJUSTING ENTRIES
5102
Office Supplies
1108
250.00

Factory Supplies
5104
1107
6,100.00

Prepaid Insurance
5103
1110
200.00

Prepaid Insurance
5103
5102
5104
1110
58.33
29.17
204.17

Accum. Depreciation - ME
5104
1201-A
5,000.00

Accum. Depreciation - FF
5102
5103
5104
1202-A
2,533.33
316.67
316.67

Tools
5104
1203
41.67

Pag IBIG Payable
5102
5103
5104
2103
2104
#REF!
#REF!
#REF!
31 WIP - Molding
1105a
5105
400.00

Income Tax Payable
5102
2102
86,198.52
NOVELTY CRAFTS INC.

GENERAL JOURNAL
January 2011
CLOSING ENTRIES
31 Cost of Goods Sold
5101
5105
5104
.
31 Sales
4101
Retained Earnings
3102
73,035.71
14,260.00
948,400.00
31 Cost of Goods Sold

Material Price Variance
Labor Qty/Efficiency Variance
FOH Variances
5101
VA26
VA26
VA26
VA26
18.00
210.00
195.00
31 Retained Earnings
Cost of Goods Sold
Gen. and Admin. Exp. Control
Selling and Mktg. Exp. Control
3102
5101
5102
5103
747,211.63
NOVELTY CRAFTS INC.

GENERAL JOURNAL
January 2011
Credit
990.00
6,000.00
240,000.00
28,800.00
120,000.00
9,525.00
25,000.00
2,394.00
4,620.00
50,400.00
6,048.00
5,187.00
17,115.00
2,898.00
4,540.00
2,200.00
20,865.60
15,000.00
NOVELTY CRAFTS INC.

GENERAL JOURNAL
January 2011
60,000.00
70,000.00
4,800.00
3,300.00
7,000.00
12,000.00
1,440.00
6,000.00
16,000.00
5,400.00
1,508.00
97,365.50
98,873.50
13,608.00
3,000.00
30,000.00
NOVELTY CRAFTS INC.

GENERAL JOURNAL
January 2011
7,200.00
864.00
3,600.00
21,400.00
1,000.00
4,500.00
13,440.00
2,400.00
16,050.00
750.00
24,000.00
2,880.00
8,500.00
1,320.00
3,420.00
6,600.00
NOVELTY CRAFTS INC.

GENERAL JOURNAL
January 2011
7,410.00
24,450.00
4,140.00
23,262.00
2,268.00
36,000.00
4,320.00
12,750.00
26,880.00
6,000.00
40,320.00
491.70
100.00
2,372.30
1,248.00
4,536.00
7,516.70
1,400.00
13,244.60
77,835.20
104,208.50
NOVELTY CRAFTS INC.

GENERAL JOURNAL
January 2011
2,640.00
28,800.00
3,456.00
2,964.00
9,780.00
1,656.00
6,804.00
1,368.00
195.00
210.00
202.00
101.00
80.00
40.00
NOVELTY CRAFTS INC.

GENERAL JOURNAL
January 2011
250.00
6,100.00
200.00
291.67
5,000.00
3,166.67
41.67
#REF!
#REF!
400.00
86,198.52
NOVELTY CRAFTS INC.

GENERAL JOURNAL
January 2011
87,295.71
948,400.00
303.00
120.00
483,503.71
197,865.47
65,842.45
NOVELTY CRAFTS INC.

GENERAL LEDGER
January 2011
Date
Jan. 1
3
8
10
14
18
27
27
31
Description
Balance
Cash
Debit
Date
109,695.00
Jan. 5
268,800.00
5
56,448.00
10
70,000.00
10
30,000.00
10
13,440.00
10
26,880.00
10
40,320.00
10
32,256.00
10
11
14
14
14
14
14
17
18
20
25
25
31
31
31
647,839.00
Description
209,803.40
Date
Jan. 1
Description
Balance
Date
Jan. 1
10
17
21
25
31
Description
Balance
1,071,164.00
Temporary Investments
Debit
Date
550,000.00
Accounts Receivable
Debit
Date
613,100.00
Jan. 10
13,440.00
14
8,064.00
18
26,880.00
27
40,320.00
27
550,000.00
1,251,804.00
Description
Description
NOVELTY CRAFTS INC.

GENERAL LEDGER
January 2011
Date
Jan. 1
24
Description
Balance

Debit
Date
417,300.00
Jan. 5
36,000.00
10
17
21
25
31
453,300.00
Desctiption
82,450.00
Date
Jan .1
3
8
14
20
24
27
31
31
31
31
Date
Jan. 1
3
8
10
14
22
24
31
Description
Balance
10,644.00
Adjusting
Description
Balance
4,780.00
WIP - Molding
Debit
Date
4,977.00
Jan. 8
6,000.00
24
280.00
31
2,020.00
31
2,400.00
31
400.00
6,000.00
4,040.00
160.00
210.00
26,487.00
Description
400.00
WIP - Painting
Debit
Date
11,190.00
Jan. 8
990.00
24
4,200.00
31
3,300.00
31
12,423.00
31
1,320.00
6,000.00
14,443.00
2,400.00
56,266.00
Description
NOVELTY CRAFTS INC.

GENERAL LEDGER
January 2011
Date
Jan. 6
8
14
22
24
31
31
31
Description
WIP - Packaging
Debit
Date
2,394.00
Jan. 8
140.00
24
1,508.00
31
3,420.00
200.00
4,212.00
80.00
1,368.00
13,322.00
Description
4,628.00
Date
Jan. 1
10
14
25
31
31
31
Description
Balance
Materials Inventory
Debit
Date
11,784.00
Jan. 3
18,630.00
3
12,150.00
6
2,025.00
10
4,050.00
20
6,075.00
22
195.00
22
27
31
54,909.00
Description
27,717.00
Date
Jan. 1
3
Description
Balance
Factory Supplies Inventory

Debit
Date
2,000.00
Jan. 31
4,500.00
Description
Adjusting
6,500.00
Date
Jan. 1
Description
Balance
Office Supplies Inventory

Debit
Date
2,750.00
Jan. 31
Description
Adjusting
NOVELTY CRAFTS INC.

GENERAL LEDGER
January 2011
Date
Jan. 1
Description
Balance
Date
Jan. 10
10
Description
Prepaid Rent
Debit
Date
15,000.00
Prepaid Insurance
Debit
Date
4,800.00
Jan. 31
7,000.00
31
Description
Description
Adjusting
Adjusting
11,800.00
Date
Jan. 1
Description
Balance
Date
Description
Date
Jan. 1
Description
Balance
Date
Description
Machinery and Equipment

Debit
Date
600,000.00
Description
Accumulated Depreciation - Machinery and Equipment

Debit
Date
Description
Jan. 1
Balance
31
Adjusting
Furniture and Fixtures

Debit
Date
380,000.00
Description
Accumulated Depreciation - Furniture and Fixtures

Debit
Date
Description
Jan. 1
Balance
31
Adjusting
Tools
Date
Jan. 1
Description
Balance
Debit
20,500.00
Date
Jan. 31
Description
Adjusting
NOVELTY CRAFTS INC.

GENERAL LEDGER
January 2011
Date
Jan. 1
Description
Balance
Rental Deposit
Debit
Date
70,000.00
Description
Date
Jan. 1
Description
Balance
Utilities Deposit
Debit
Date
25,000.00
Description
Date
Jan. 5
Description

Debit
Date
9,525.00
Jan. 1
17
20
31
9,525.00
Description
Balance
14,994.60
Date
Description
Income Taxes Payable

Debit
Date
Jan. 1
Jan. 31
Description
Balance
Adjusting
114,698.52
Date
Jan. 10
Description

Debit
Date
4,540.00
Jan. 1
31
31
4,540.00
31
Date
Jan. 10
Description
Pag IBIG Payable

Debit
Date
2,200.00
Jan. 1
31
31
2,200.00
31
Description
Balance
8,008.40
Adjusting
Description
Balance
1,500.00
Adjusting
NOVELTY CRAFTS INC.

GENERAL LEDGER
January 2011
Date
Jan. 14
Description
Accrued Expense Payable

Debit
Date
5,400.00
Jan. 1
Jan. 31
Description
Balance
16,011.00
Date
Jan. 5
10
Description
Accounts Payable
Debit
Date
25,000.00
Jan. 1
60,000.00
31
85,000.00
Description
Balance
25,554.00
Date
Jan. 10
14
17
20
25
25
31
31
Description
VAT Payable
Debit
Date
2,235.60
Jan. 1
1,458.00
5
2,400.00
8
1,800.00
10
23,262.00
17
243.00
21
486.00
25
729.00
31
32,613.60
Description
Balance
38,456.40
Date
Jan. 31
Description
Accrued Payroll
Debit
Date
1,248.00
Jan. 31
Date
Description
Debit
Common Stock
Date
Jan. 1
Description
Balance
Date
Jan. 31
Description
Closing
Retained Earnings
Debit
Date
747,211.63
Jan. 1
Jan. 31
Description
Balance
Closing
Description
1,397,544.37
NOVELTY CRAFTS INC.

GENERAL LEDGER
January 2011
Date
Jan. 31
Description
Closing
Sales
Debit
Date
948,400.00
Jan. 5
8
10
17
21
25
31
31
Description
948,400.00
Date
Jan. 5
8
10
17
21
25
31
31
31
31
Description
Date
Jan. 10
11
14
17
31
Description
31
31
31
31
31
Closing
Closing
483,503.71
104,126.25
Adjusting
Adjusting
Adjusting
Adjusting
Adjusting
Cost of Goods Sold

Debit
Date
120,000.00
Jan. 31
25,200.00
6,000.00
3,600.00
8,500.00
12,750.00
14,400.00
220,000.00
73,035.71
18.00
Description
Closing
General and Administrative Expense Control

Debit
Date
Description
5,000.00
Jan. 31
Closing
16,000.00
39,876.25
4,000.00
39,250.00
250.00
29.17
2,533.33
4,786.70
86,198.52
NOVELTY CRAFTS INC.

GENERAL LEDGER
January 2011
Date
Jan. 10
14
14
17
20
31
31
31
31
31
Date
Jan. 10
14
17
31
31
31
31
31
31
31
Date
Jan. 31
Description
62,083.75
Adjusting
Adjusting
Adjusting
Adjusting
Description
67,226.00
Adjusting
Adjusting
Adjusting
Adjusting
Adjusting
Adjusting
Description
Closing

Debit
Date
Description
6,000.00
Jan. 31
Closing
3,000.00
18,004.00
2,000.00
15,000.00
18,079.75
200.00
58.33
316.67
3,183.70
Debit
Date
4,000.00
Jan. 31
25,042.25
14,000.00
24,183.75
6,100.00
204.17
5,000.00
316.67
41.67
8,407.20
Debit
Date
14,260.00
Jan. 8
24
31
31
Date
Jan. 14
14
31
31
Description
Description
Closing
Payroll
Debit
Date
1,508.00
Jan. 14
97,365.50
31
4,212.00
99,996.50
203,082.00
Description
13,860.00
Adjusting
Description
NOVELTY CRAFTS INC.

GENERAL LEDGER
January 2011
Credit
9,525.00
25,000.00
4,540.00
2,200.00
20,865.60
15,000.00
60,000.00
4,800.00
7,000.00
16,000.00
5,400.00
1,508.00
97,365.50
13,608.00
3,000.00
21,400.00
4,500.00
16,050.00
23,262.00
2,268.00
2,372.30
4,536.00
77,835.20
438,035.60
Credit
Credit
70,000.00
30,000.00
13,440.00
26,880.00
40,320.00
180,640.00
NOVELTY CRAFTS INC.

GENERAL LEDGER
January 2011
Credit
120,000.00
6,000.00
3,600.00
8,500.00
12,750.00
220,000.00
370,850.00
Credit
5,187.00
7,410.00
2,964.00
202.00
80.00
15,843.00
Credit
17,115.00
24,450.00
9,780.00
101.00
40.00
51,486.00
NOVELTY CRAFTS INC.

GENERAL LEDGER
January 2011
Credit
2,898.00
4,140.00
1,656.00
8,694.00
Credit
990.00
6,000.00
2,394.00
3,300.00
2,400.00
1,320.00
3,420.00
6,000.00
1,368.00
27,192.00
Credit
6,100.00
Credit
250.00
NOVELTY CRAFTS INC.

GENERAL LEDGER
January 2011
Credit
Credit
200.00
291.67
Credit
ent
Credit
225,000.00
5,000.00
Credit
Credit
220,000.00
3,166.67
Credit
41.67
NOVELTY CRAFTS INC.

GENERAL LEDGER
January 2011
Credit
Credit
Credit
9,525.00
1,000.00
750.00
13,244.60
24,519.60
Credit
28,500.00
86,198.52
Credit
4,540.00
491.70
7,516.70
12,548.40
14,877.60
Credit
2,200.00
100.00
1,400.00
3,700.00
1,500.00
NOVELTY CRAFTS INC.

GENERAL LEDGER
January 2011
Credit
20,163.00
1,248.00
21,411.00
Credit
103,750.00
6,804.00
110,554.00
Credit
23,262.00
28,800.00
6,048.00
1,440.00
864.00
2,880.00
4,320.00
3,456.00
71,070.00
Credit
1,248.00
Credit
1,000,000.00
Credit
1,196,356.00
948,400.00
2,144,756.00
NOVELTY CRAFTS INC.

GENERAL LEDGER
January 2011
Credit
240,000.00
50,400.00
12,000.00
7,200.00
24,000.00
36,000.00
28,800.00
550,000.00
Credit
483,503.71
Credit
197,923.97
NOVELTY CRAFTS INC.

GENERAL LEDGER
January 2011
Credit
65,842.45
Credit
87,295.71
Credit
4,620.00
6,600.00
2,640.00
400.00
Credit
98,873.50
104,208.50
203,082.00
NOVELTY CRAFTS INC.

TRIAL BALANCE
January 2011
Cash
Accounts Receivable
WIP - Molding
WIP - Painting
WIP - Packaging
Materials Inventory
Prepaid Rent
Prepaid Insurance
Accumulated Depreciation - ME
Accumulated Depreciation - FF
Tools
Rental Deposit
Utilities Deposit
Withholding Tax Payable
Income Tax Payable
Pag IBIG Payable
Accounts Payable
VAT Payable
Accrued Payroll
Common Stock
Retained Earnings
Sales
Cost of Goods Sold
Gen. and Adm. Expense Control
Sell. And Mktg. Expense Control
Payroll
FOH Variance
TOTALS
Debit
209,803.40
550,000.00
1,071,164.00
82,450.00
10,644.00
4,780.00
4,628.00
27,717.00
6,500.00
2,750.00
15,000.00
11,800.00
600,000.00
380,000.00
20,500.00
70,000.00
25,000.00
410,450.00
104,126.25
62,083.75
67,226.00
-
303.00
120.00
3,737,045.40
NOVELTY CRAFTS INC.

TRIAL BALANCE
January 2011
Credit
225,000.00
220,000.00
14,994.60
28,500.00
8,008.40
1,500.00
16,011.00
25,554.00
38,456.40
1,000,000.00
1,196,356.00
948,400.00
13,860.00
195.00
210.00
3,737,045.40
NOVELTY CRAFTS INC.

WORKSHEET
January 2011
Cash
Accounts Receivable
WIP - Molding
WIP - Painting
WIP - Packaging
Materials Inventory
Prepaid Rent
Prepaid Insurance
Accumulated Depreciation - ME
Accumulated Depreciation - FF
Tools
Rental Deposit
Utilities Deposit
Withholding Tax Payable
Income Tax Payable
Pag IBIG Payable
Accounts Payable
VAT Payable
Accrued Payroll
Common Stock
Retained Earnings
Sales
Cost of Goods Sold
Gen. and Adm. Expense Control
Sell. And Mktg. Expense Control
Payroll
FOH Variance
Net Income (Loss)
Totals
Trial Balance
Debit
Credit
209,803.40
550,000.00
1,071,164.00
82,450.00
10,644.00
4,780.00
4,628.00
27,717.00
6,500.00
2,750.00
15,000.00
11,800.00
600,000.00
225,000.00
380,000.00
220,000.00
20,500.00
70,000.00
25,000.00
14,994.60
28,500.00
8,008.40
1,500.00
16,011.00
25,554.00
38,456.40
Debit
Adjustments
Credit
400.00
6,100.00
250.00
491.67
5,000.00
3,166.67
41.67
86,198.52
14,877.60
1,500.00
1,000,000.00
1,196,356.00
948,400.00
410,450.00
104,126.25
62,083.75
67,226.00
93,797.72
3,758.70
20,069.71
13,860.00
400.00
Adjusted Trial Balance

Debit
Credit
209,803.40
550,000.00
1,071,164.00
82,450.00
11,044.00
4,780.00
4,628.00
27,717.00
400.00
2,500.00
15,000.00
11,308.33
600,000.00
230,000.00
380,000.00
223,166.67
20,458.33
70,000.00
25,000.00
14,994.60
114,698.52
22,886.00
3,000.00
16,011.00
25,554.00
38,456.40
1,000,000.00
1,196,356.00
948,400.00
410,450.00
197,923.97
65,842.45
87,295.71
14,260.00
Income Statement
Debit
Credit
948,400.00
410,450.00
197,923.97
65,842.45
87,295.71
14,260.00
195.00
210.00
195.00
210.00
303.00
120.00
3,737,045.40
303.00
120.00
3,737,045.40
118,026.13
118,026.13
3,848,188.19
3,848,188.19
195.00
210.00
303.00
120.00
201,129.87
963,065.00
963,065.00
NOVELTY CRAFTS INC.

WORKSHEET
January 2011
Balance Sheet
Debit
Credit
209,803.40
550,000.00
1,071,164.00
82,450.00
11,044.00
4,780.00
4,628.00
27,522.00
400.00
2,500.00
15,000.00
11,308.33
600,000.00
230,000.00
380,000.00
223,166.67
20,458.33
70,000.00
25,000.00
14,994.60
114,698.52
22,886.00
3,000.00
16,011.00
25,554.00
38,456.40
1,000,000.00
1,196,356.00
195.00
3,086,253.06
201,129.87
3,086,253.06
NOVELTY CRAFTS INC.

VARIANCE ANALYSIS
January 2011
Job No.
A1400
Department
Molding
Painting
Painting
Packaging
Actual Output
Total
2010
Molding
Painting
Painting
Packaging
ACTUAL COSTS
MATERIALS
Quantity
Unit Cost
Total
105
38.00
3,990.00
4
330.00
1,320.00
3
330.00
990.00
7
342.00
2,394.00
8,694.00
210.00
Quantity
14
140
72
7
LABOR
Unit Cost
50.50
50.50
50.50
52.00
Quantity
14
140
72
7
OVERHEAD
Unit Cost
20.00
20.00
20.00
20.00
Total
Molding
Painting
Painting
Packaging
Total
Total
707.00
7,070.00
3,636.00
364.00
11,777.00
Total
280.00
2,800.00
1,440.00
140.00
4,660.00
STANDARD COSTS
MATERIALS
Total Variance Price Variance
Std. Qty
Std. U. C.
Total
105
40.00
4,200.00
210.00
210.00
4
330.00
1,320.00
3
330.00
990.00
7
342.00
2,394.00
8,904.00
LABOR
Std. Qty
Std. U. C.
14
50.50
140
50.50
70
50.50
7
52.00
OVERHEAD
Std. Qty
Std. U. C.
14
20.00
140
20.00
70
20.00
7
20.00
Total
707.00
7,070.00
3,535.00
364.00
11,676.00
Total
280.00
2,800.00
1,400.00
140.00
4,620.00
Quantity
Variance
Total Variance
210.00
(101.00)
(101.00)
(101.00)
(40.00)
(40.00)
(40.00)
69.00
NOVELTY CRAFTS INC.

VARIANCE ANALYSIS
January 2011
Job No.
A1401
Department
Molding
Painting
Packaging
Actual Output
Total
Molding
Painting
Packaging
ACTUAL COSTS
MATERIALS
Quantity
Unit Cost
Total
150
38.00
5,700.00
10
330.00
3,300.00
10
342.00
3,420.00
12,420.00
Quantity
20
300
10
LABOR
Unit Cost
50.50
50.50
52.00
Quantity
20
300
10
OVERHEAD
Unit Cost
20.00
20.00
20.00
Total
Molding
Painting
Packaging
Total
Total
1,010.00
15,150.00
520.00
16,680.00
Total
400.00
6,000.00
200.00
6,600.00
STANDARD COSTS
MATERIALS
Std. Qty
Std. U. C.
Total
150
40.00
6,000.00
300.00
300.00
10
330.00
3,300.00
10
342.00
3,420.00
12,720.00
LABOR
Std. Qty
Std. U. C.
20
50.50
300
50.50
10
52.00
OVERHEAD
Std. Qty
Std. U. C.
20
20.00
300
20.00
10
20.00
Quantity
Variance
Total Variance
300.00
Total
1,010.00
15,150.00
520.00
16,680.00
Total
400.00
6,000.00
200.00
6,600.00
300.00
NOVELTY CRAFTS INC.

VARIANCE ANALYSIS
January 2011
Job No.
A1402
Department
Molding
Painting
Packaging
Actual Output
ACTUAL COSTS
MATERIALS
Quantity
Unit Cost
Total
60
40.50
2,430.00
4
330.00
1,320.00
4
342.00
1,368.00
STANDARD COSTS
MATERIALS
Std. Qty
Std. U. C.
Total
60
40.00
2,400.00
(30.00)
(30.00)
4
330.00
1,320.00
4
342.00
1,368.00
Quantity
Variance
Total Variance
(30.00)
Total
Molding
Painting
Packaging
Quantity
12
120
4
LABOR
Unit Cost
50.50
50.50
52.00
Total
606.00
6,060.00
208.00
Std. Qty
LABOR
Std. U. C.
8
50.50
120
50.50
4
52.00
Total
404.00
6,060.00
208.00
Quantity
12
120
4
OVERHEAD
Unit Cost
20.00
20.00
20.00
Total
240.00
2,400.00
80.00
Std. Qty
OVERHEAD
Std. U. C.
8
20.00
120
20.00
4
20.00
Total
160.00
2,400.00
80.00
(202.00)
(202.00)
(202.00)
(80.00)
(80.00)
(80.00)
Total
Molding
Painting
Packaging
Total
(312.00)
NOVELTY CRAFTS INC.

VARIANCE ANALYSIS
January 2011
Job No.
A1403
Department
Molding
Painting
Painting
Packaging
Actual Output
ACTUAL COSTS
MATERIALS
Quantity
Unit Cost
Total
150
40.50
6,075.00
STANDARD COSTS
MATERIALS
Std. Qty
Std. U. C.
Total
150
40.00
6,000.00
(75.00)
(75.00)
Total
Quantity
20
Molding
Painting
Painting
Packaging
LABOR
Unit Cost
50.50
Total
1,010.00
LABOR
Std. Qty
Std. U. C.
20
50.50
Total
Std. Qty
Total
1,010.00
Total
Quantity
Molding
Painting
Painting
Packaging
Total
OVERHEAD
Unit Cost
OVERHEAD
Std. U. C.
Total
Quantity
Variance
Total Variance
(75.00)
NOVELTY CRAFTS INC.

VARIANCE ANALYSIS
January 2011
A1400
Job Numbers
2010
2011
Total
MATERIALS
Price
Quantity
Variance
Variance
210.00
210.00
A1401
300.00
A1402
(30.00)
A1403
(75.00)
Total per cost sheet

Total per book
Difference
195.00
LABOR
Efficiency
Rate Variance
Variance
(101.00)
(101.00)
OVERHEAD
Efficiency
Rate Variance
Variance
(40.00)
(40.00)
Total Variance
F(UF)
69.00
300.00
210.00
(202.00)
(80.00)
(312.00)
(303.00)
(120.00)
57.00
NOVELTY CRAFTS INC.

JOB ORDER COST SHEET
Customer Jenny Santos
Job Description Model A - Debutante Angel 4"
Job No.
Quantity
Date Ordered 20-Dec-10

Date Started 20-Dec-10
Date Needed
Date Completed
DIRECT MATERIALS USED
Molding Department
Date
20-Dec resins
Items
Total Costs
Painting Department
Date
Items
20-Dec paint
3-Jan paint
Total Costs
Packaging Department
Date
Items
6-Jan set of boxes
MRS No.
1542
Measure
kls
Quantity
105
Unit Cost
38
105
MRS No.
1543
1545
Measure
gals
gals
Quantity
4
3
3,990
Unit Cost
330
330
7
MRS No.
1547
Measure
pcs
Total Costs
TOTAL MATERIAL COSTS
Quantity
7
Total Cost
3,990
Total Cost
1,320
990
2,310
Unit Cost
342
Total Cost
2,394
2,394
8,694
DIRECT LABOR USED

Molding Department
Date
Worker
31-Dec Aguas, Arnold
Total Costs
Painting Department
Date
Worker
31-Dec Baluyut, Benhur
31-Dec Cruz, Cartney
8-Jan Baluyut, Benhur
5-Jan Cruz, Cartney
Total Cost
Date
Worker
6-Jan de Leon, Dandee
Total Cost
TOTAL DIRECT LABOR COSTS
Materials
Molding
Actual
Budget
3,990.00
4,200.00
From
20-Dec
To
21-Dec
Hours
14
Rate
50.50
14
From
22-Dec
22-Dec
3-Jan
3-Jan
To
29-Dec
29-Dec
8-Jan
5-Jan
Hours
70
70
48
24
707.00
Rate
50.50
50.50
50.50
50.50
212
From
6-Jan
To
6-Jan
Hours
7
Total Cost
707.00
Total Cost
3,535.00
3,535.00
2,424.00
1,212.00
10,706.00
Rate
52.00
SUMMARY OF COSTS
Painting
Packaging
Actual
Budget
Actual
Budget
2,310.00
2,310.00
2,394.00
2,394.00
Total Cost
364.00
364.00
11,777.00
Total Cost
(Actual)
8,694.00
NOVELTY CRAFTS INC.

Labor
Overhead
Total Costs
Variances F(UF)
Contract Price
707.00
280.00
4,977.00
707.00
280.00
5,187.00
210.00
10,706.00
4,240.00
17,256.00
10,605.00
4,200.00
17,115.00
(141.00)
364.00
140.00
2,898.00
11,777.00
4,660.00
25,131.00
Remarks
Customer For Stock

Job Description Model A - Cupid Angel 4"
Date Ordered
Date Started
364.00
140.00
2,898.00
-
Job No. A1401

Quantity 300 pcs
Date Needed
Date Completed
5-Jan-11

Molding Department
Date
Items
3-Jan resins
Total Costs
Painting Department
Date
Items
10-Jan paints
Total Costs
Date
Items
22-Jan set of boxes
MRS No.
1546
MRS No.
1548
MRS No.
1551
Measure
kls
Measure
gals
Measure
pcs
Total Costs
DIRECT LABOR USED

Molding Department
Date
Worker
5-Jan Aguas, Arnold
Total Costs
Painting Department
Date
Worker
15-Jan Aguas, Arnold
22-Jan Cruz, Cartney
Total Cost
Quantity
150
Unit Cost
38
150
38
Quantity
10
Unit Cost
330
10
330
Quantity
10
Unit Cost
342
10
From
3-Jan
To
5-Jan
Hours
20
To
15-Jan
22-Jan
22-Jan
Hours
60
120
120
300
Total Cost
5,700
5,700
Total Cost
3,300
3,300
Total Cost
3,420
3,420
12,420
Rate
50.50
20
From
10-Jan
10-Jan
10-Jan
25-Jan-11
Total Cost
1,010.00
1,010.00
Rate
50.50
50.50
50.50
Total Cost
3,030.00
6,060.00
6,060.00
15,150.00
NOVELTY CRAFTS INC.

Date
Worker
From
22-Jan
To
24-Jan
Total Cost
Materials
Labor
Overhead
Total Costs
Variances F(UF)
Contract Price
Molding
Actual
Budget
5,700.00
6,000.00
1,010.00
1,010.00
400.00
400.00
7,110.00
7,410.00
300.00
Hours
10
10
Total Costs
Painting Department
Date
Items
22-Jan paints
Total Costs
Date
Items
31-Jan set of boxes
Date Needed
Date Completed
MRS No.
1549
Measure
kls
Worker
Quantity
60
Unit Cost
40.50
60
MRS No.
1550
Measure
gals
Quantity
4
MRS No.
1553
Measure
pcs
Quantity
4
Unit Cost
330.00
To
Hours
Total Cost
2,430.00
Total Cost
1,320.00
1,320.00
Unit Cost
342.00
From
5-Feb-11
2,430.00
Total Costs
DIRECT LABOR USED

Molding Department
Date
Total Cost
(Actual)
12,420.00
16,680.00
6,600.00
35,700.00
Job No. A1402

Quantity 120 pcs
20-Jan-11
20-Jan-11

Molding Department
Date
Items
20-Jan resins
Total Cost
520.00
520.00
16,680.00
SUMMARY OF COSTS
Painting
Packaging
Actual
Budget
Actual
Budget
3,300.00
3,300.00
3,420.00
3,420.00
15,150.00
15,150.00
520.00
520.00
6,000.00
6,000.00
200.00
200.00
24,450.00
24,450.00
4,140.00
4,140.00
Remarks
Customer Bobby Roberts

Job Description Model A - Bride and Groom
Date Ordered
Date Started
Rate
52.00
Total Cost
1,368.00
1,368.00
5,118.00
Rate
Total Cost
NOVELTY CRAFTS INC.

Total Costs
Painting Department
Date
Worker
31-Jan Cruz, Cartney
Total Cost
Date
Worker
20-Jan
21-Jan
Materials
Labor
Overhead
Total Costs
Variances F(UF)
Contract Price
From
22-Jan
24-Jan
24-Jan
From
24-Jan
To
22-Jan
31-Jan
31-Jan
606.00
To
24-Jan
606.00
Hours
8
56
56
Rate
50.50
50.50
50.50
Total Cost
404.00
2,828.00
2,828.00
120
50.50
6,060.00
Hours
4
Rate
52.00
Total Cost
208.00
208.00
6,874.00
SUMMARY OF COSTS
Painting
Packaging
Actual
Budget
Actual
Budget
1,320.00
1,320.00
1,368.00
1,368.00
6,060.00
6,060.00
208.00
208.00
2,400.00
2,400.00
80.00
80.00
9,780.00
9,780.00
1,656.00
1,656.00
Remarks
Customer For Stock

Job Description Model A - Baby Jesus
Date Ordered
Date Started
50.50
12
Total Cost
Molding
Actual
Budget
2,430.00
2,400.00
606.00
404.00
240.00
160.00
3,276.00
2,964.00
(312.00)
12
Total Cost
(Actual)
5,118.00
6,874.00
2,720.00
14,712.00
Job No. A1403

Quantity 300 pcs
Date Needed
Date Completed
27-Jan-11
10-Feb-11

Molding Department
Date
Items
27-Jan resins
MRS No.
1552
Measure
kls
Quantity
150
Unit Cost
40.50
Total Cost
6,075.00
Total Costs
Painting Department
Date
Items
MRS No.
Measure
Quantity
Unit Cost
Total Cost
Total Costs
NOVELTY CRAFTS INC.

Date
Items
MRS No.
Measure
Quantity
Unit Cost
Total Cost
DIRECT LABOR USED

Molding Department
Date
Worker
From
27-Jan
To
29-Jan
Hours
20
Rate
50.50
Total Cost
1,010.00
Total Costs
Painting Department
Date
Worker
From
To
Hours
Rate
Total Cost
Total Cost
Date
Worker
From
To
Hours
Rate
Total Cost
Total Costs
Total Cost
Molding
Actual
Budget
Materials
Labor
Overhead
Total Costs
Variances F(UF)
Contract Price
SUMMARY OF COSTS
Painting
Packaging
Actual
Budget
Actual
Budget
Remarks
Total Cost
(Actual)
NOVELTY CRAFTS INC.

A1400
210 pcs
8-Jan-11
Total Cost
(Budget)
8,904.00
NOVELTY CRAFTS INC.

11,676.00
4,620.00
25,200.00
69.00
NOVELTY CRAFTS INC.

Total Cost
(Budget)
12,720.00
16,680.00
6,600.00
36,000.00
300.00
NOVELTY CRAFTS INC.

Total Cost
(Budget)
5,088.00
6,672.00
2,640.00
14,400.00
(312.00)
NOVELTY CRAFTS INC.

Total Cost
(Budget)
NOVELTY CRAFTS INC.

PAYROLL
Period Covered: JAN. 1 - 15, 2011
Overtime
Days
Present
Santos, J.P
Vasquez, L.
Lopez, K.
Kay, A.K.
Mayo, M.
Junio, M.
Serrano, R.
Valdez, S.
Perez, R.
Gonzales, P.
Aguas, A.
Baluyut, B.
Cruz, C.
Ruiz, R.
TOTAL
Rate
36,000.00
18,000.00
15,000.00
10,500.00
15,000.00
404.00
404.00
11,000.00
10,500.00
15,000.00
404.00
404.00
404.00
404.00
Basic Pay
Hours
18,000.00
9,000.00
7,500.00
5,250.00
7,500.00
5,252.00
5,252.00
5,500.00
5,250.00
7,500.00
4,848.00
5,252.00
5,252.00
5,252.00
Late/Absences
Amount
126.25
2
2
2
4
126.25
126.25
126.25
252.50
Hours
Amount
Total Gross Pay
Wtax
SSS
PhilHealth
Wtax
SSS
PhilHealth
7,249.17
2,235.50
1,466.67
500.00
500.00
483.30
350.00
500.00
333.30
350.00
366.70
350.00
500.00
366.70
400.00
400.00
366.70
5,766.70
18,000.00
9,000.00
7,500.00
5,376.25
7,500.00
5,252.00
5,252.00
5,500.00
5,250.00
7,500.00
4,974.25
5,378.25
5,378.25
5,504.50
Period Covered: JAN. 16 - 31, 2011

Overtime
Days
Present
Santos, J.P
Vasquez, L.
Lopez, K.
Kay, A.K.
Mayo, M.
Junio, M.
Serrano, R.
Valdez, S.
Perez, R.
Gonzales, P.
Aguas, A.
Baluyut, B.
Cruz, C.
Ruiz, R.
TOTAL
Rate
36,000.00
18,000.00
15,000.00
10,500.00
15,000.00
404.00
404.00
11,000.00
10,500.00
15,000.00
404.00
404.00
404.00
404.00
Basic Pay
18,000.00
9,000.00
7,500.00
5,250.00
7,500.00
5,252.00
5,252.00
5,500.00
5,250.00
7,500.00
5,252.00
5,252.00
5,252.00
5,252.00
Hours
Late/Absences
Amount
126.25
10
22
22
631.25
1,388.75
1,388.75
Hours
Amount
500.00
50.50
Total Gross Pay
18,000.00
9,000.00
7,000.00
5,250.00
7,500.00
5,201.50
5,378.25
5,500.00
5,250.00
7,500.00
5,883.25
6,640.75
6,640.75
5,252.00
99,996.50
729.93
1,563.33
13,244.60
125.00
125.00
125.00
125.00
125.00
125.00
125.00
125.00
125.00
125.00
125.00
125.00
125.00
125.00
1,750.00
NOVELTY CRAFTS INC.

PAYROLL
Rate
Santos, J.P
Vasquez, L.
Lopez, K.
Kay, A.K.
Mayo, M.
Junio, M.
Serrano, R.
Valdez, S.
Perez, R.
Gonzales, P.
Aguas, A.
Baluyut, B.
Cruz, C.
Ruiz, R.
TOTAL
36,000.00
18,000.00
15,000.00
10,500.00
15,000.00
404.00
404.00
11,000.00
10,500.00
15,000.00
404.00
18,000.00
9,000.00
7,500.00
7,000.00
7,500.00
5,252.00
5,252.00
5,500.00
5,250.00
7,500.00
4,848.00
404.00
404.00
404.00
5,252.00
5,252.00
5,252.00
Overtime Pay
Hours
Amount
Total Amount
126.25
18,000.00
9,000.00
7,500.00
7,126.25
7,500.00
5,252.00
5,252.00
5,500.00
5,250.00
7,500.00
4,974.25
2
2
4
126.25
126.25
252.50
5,378.25
5,378.25
5,504.50
126.25
36,000.00
18,000.00
15,000.00
10,500.00
15,000.00
404.00
404.00
11,000.00
10,500.00
15,000.00
404.00
404.00
404.00
404.00
Gross Pay
18,000.00
9,000.00
7,000.00
5,250.00
7,500.00
5,201.50
5,252.00
5,500.00
5,250.00
7,500.00
5,252.00
5,252.00
5,252.00
5,252.00
Overtime Pay
Hours
Amount
10
22
22
126.25
631.25
1,388.75
1,388.75
Total Amount
18,000.00
9,000.00
7,000.00
5,250.00
7,500.00
5,201.50
5,378.25
5,500.00
5,250.00
7,500.00
5,883.25
6,640.75
6,640.75
5,252.00
Factory
Overhead
Control
Gen. and Admin

Control
18,000.00
9,000.00
7,500.00
5,376.25
4,545.00
4,949.00
4,949.00
14,443.00
Rate
Santos, J.P
Vasquez, L.
Lopez, K.
Kay, A.K.
Mayo, M.
Junio, M.
Serrano, R.
Valdez, S.
Perez, R.
Gonzales, P.
Aguas, A.
Baluyut, B.
Cruz, C.
Ruiz, R.
TOTAL
Gross Pay
Work in
Process
Work in
Process
5,500.00
5,250.00
7,500.00
429.25
429.25
429.25
5,504.50
25,042.25
Factory
Overhead
Control
39,876.25
Gen. and Admin

Control
18,000.00
9,000.00
7,000.00
5,250.00
5,757.00
6,363.00
6,363.00
18,483.00
5,500.00
5,250.00
7,500.00
126.25
277.75
277.75
5,252.00
24,183.75
39,250.00
NOVELTY CRAFTS INC.

PAYROLL
Pag IBIG
Total
Deduction
Net Pay
18,000.00
9,000.00
7,500.00
5,376.25
7,500.00
5,252.00
5,252.00
5,500.00
5,250.00
7,500.00
4,974.25
5,378.25
5,378.25
5,504.50
97,365.50
Pag IBIG
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
100.00
1,400.00
Total
Deduction
7,974.17
2,960.50
2,174.97
575.00
1,454.93
558.30
575.00
591.70
575.00
2,288.33
591.70
625.00
625.00
591.70
Net Pay
10,025.83
6,039.50
4,825.03
4,675.00
6,045.07
4,643.20
4,803.25
4,908.30
4,675.00
5,211.67
5,291.55
6,015.75
6,015.75
4,660.30
77,835.20
NOVELTY CRAFTS INC.

PAYROLL
Selling and
Mktg. Control
7,500.00
5,252.00
5,252.00
18,004.00
Selling and
Mktg. Control
7,500.00
5,201.50
5,378.25
18,079.75
NOVELTY CRAFTS INC.

MATERIALS STOCK CARD
January 2011
NAME OF ITEM: RESINS
Date
P.O. No.
MRS No.
1-Dec Beginning balance
15-Dec
1540
20-Dec
1542
1-Jan Beginning balance
3-Jan
1546
14-Jan
1201
20-Jan
1549
25-Jan
1202
27-Jan
1552
31-Jan
1203
31
1204
Quantity
RECEIVED
Unit Cost
Total
300
40.50
12,150.00
50
40.50
2,025.00
100
150
40.50
40.50
4,050.00
6,075.00
Quantity
ISSUED
Unit Cost
Total
45
105
38.00
38.00
1,710.00
3,990.00
150
38.00
5,700.00
60
40.50
2,430.00
150
40.50
6,075.00
BALANCE
Quantity
Unit Cost
300
38.00
255
38.00
150
38.00
150
0
300
240
290
140
240
390
38.00
38.00
40.50
40.50
40.50
40.50
40.50
40.50
Total
11,400.00
9,690.00
5,700.00
5,700.00
12,150.00
9,720.00
11,745.00
5,670.00
9,720.00
15,795.00
NOVELTY CRAFTS INC.

January 2011
NAME OF ITEM: PAINTS
Date
P.O. No.
MRS No.
16-Dec
1541
20-Dec
1543
3-Jan
1545
10-Jan
1200
10-Jan
1548
22-Jan
Quantity
15
RECEIVED
Unit Cost
330.00
Total
ISSUED
Unit Cost
Quantity
Total
3
4
330.00
330.00
990.00
1,320.00
330.00
990.00
10
4
330.00
330.00
3,300.00
1,320.00
4,950.00
BALANCE
Quantity
Unit Cost
13
330.00
10
330.00
6
330.00
6
3
18
8
4
330.00
330.00
330.00
330.00
330.00
Total
4,290.00
3,300.00
1,980.00
1,980.00
990.00
5,940.00
2,640.00
1,320.00
NOVELTY CRAFTS INC.

January 2011
NAME OF ITEM: BOXES
Date
P.O. No.
MRS No.
22-Dec
1544
6-Jan
10-Jan
22-Jan
31-Jan
Quantity
40
RECEIVED
Unit Cost
342.00
Total
ISSUED
Unit Cost
Quantity
Total
342.00
1,026.00
342.00
2,394.00
10
4
342.00
342.00
3,420.00
1,368.00
13,680.00
Quantity
15
12
BALANCE
Unit Cost
342.00
342.00
Total
5,130.00
4,104.00
12
5
45
35
31
342.00
342.00
342.00
342.00
342.00
4,104.00
1,710.00
15,390.00
11,970.00
10,602.00
NOVELTY CRAFTS INC.

Statement of Financial Position
As of January 31, 2011
ASSETS
Current Assets:
Cash
Accounts Receivables
WIP - Molding
WIP - Painting
WIP - Packaging
Materials Inventory
Factory Supplies
Office Supplies
Prepaid Insurance
Prepaid Rent
TOTAL
Fixed Assets:
Less: Accumulated Depreciation
Less: Accumulated Depreciation
Tools
TOTAL
Other Assets:
Rental Deposit
Utilities Deposit
TOTAL
Total Assets
209,803.40
550,000.00
1,071,164.00
82,450.00
11,044.00
4,780.00
4,628.00
27,717.00
400.00
2,500.00
15,000.00
11,308.33
600,000.00
230,000.00
380,000.00
223,166.67
370,000.00
156,833.33
20,458.33
70,000.00
25,000.00
LIABILITIES AND SHAREHOLDER'S EQUITY

Current Liabilities:
Income Tax Payable
114,698.52
14,994.60
22,886.00
Pag IBIG Payable
3,000.00
16,011.00
Accounts Payable
25,554.00
VAT Payable
38,456.40
TOTAL
Stockholder's Equity:
Authorized 10,000 shares at P 100 par, 10,000 shares issued
and outstanding
1,000,000.00
Retained Earnings
1,397,485.87
TOTAL
Total Liabilities and Stockholder's Equity
NOVELTY CRAFTS INC.

Statement of Financial Position
As of January 31, 2011
1,990,794.73
547,291.66
95,000.00
2,633,086.39
235,600.52
2,397,485.87
2,633,086.39
NOVELTY CRAFTS INC.

STATEMENT OF INCOME AND RETAINED EARNINGS
For the month ended January 31, 2011
Sales
Less: Cost of Goods Sold
Gross Profit
Less: Operating Expenses
General and Administrative Expense Control:
Rent Expense
Salaries and Wages
Taxes and Licenses
SSS, PhilHealth Contributions
Pag IBIG Contributions
Office Supplies Expense
Utilities Expense
Donations and Contributions
Insurance Expense
Depreciation Expenses
Total
Selling and Marketing Expense Control:
Rent Expense
Depreciation Expenses
Office Supplies Expense
Utilities Expense
Salaries and Wages
SSS, PhilHealth Contributions
Pag IBIG Contributions
Insurance Expense
Advertising Expenses
Total
Total Operating Expenses
Net income before income taxes
Less: Income taxes
Net income to Retained Earnings
Retained Earnings, beginning
Retained Earnings, ending balance
948,400.00
483,503.71
464,896.29
4,000.00
79,126.25
16,000.00
4,386.70
400.00
250.00
5,000.00
29.17
2,533.33
111,725.45
17,000.00
316.67
6,000.00
36,083.75
2,883.70
300.00
258.33
3,000.00
65,842.45
177,567.90
287,328.39
86,198.52
201,129.87
1,196,356.00
1,397,485.87
NOVELRTY CRAFTS INC.

STATEMENT OF COST OF GOODS MANUFACTURED AND SOLD
(MODEL A)
For the month ended January 31, 2011
Materials used:
Inventory, beginning
Add: Net purchases
Available for use
Less: Inventory, ending
Direct materials used
Direct labor
Prime Cost
Add: Factory Overhead Applied (Standard)
Add (Less): Variances UF(F)
Total manufacturing costs
Add: WIP, beginning
Total cost to account for
Less: WIP, ending
Total cost of goods manufactured
Add: Finished goods inventory, beginning
Total cost of goods available for sale
Less: Finished good inventory, ending
Cost of goods sold
11,784.00
42,930.00
54,714.00
27,522.00
27,192.00
27,472.00
54,664.00
14,260.00
(39.00)
68,885.00
16,167.00
85,052.00
20,452.00
64,600.00
154,800.00
219,400.00
61,200.00
158,200.00

Cost Accounting Practice Set (L. Payongayong)

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NOVELTY CRAFTS INC.

5 Withholding Taxes Payable

10 SSS, PhilHealth Payable

10 Pag IBIG Payable

10 Factory Overhead Control

NOVELTY CRAFTS INC.

11 Gen. and Admin. Expense Control

14 Accrued Expense Payable

14 Selling and Marketing Expense Control

Cost of Gooods Sold

NOVELTY CRAFTS INC.

Cost of Goods Sold

17 Gen. and Admin. Expense Control

18 Factory Supplies Inventory

20 Selling and Marketing Expense Control

Cost of Goods Sold

NOVELTY CRAFTS INC.

SSS, PhilHealth Payable

Cost of Goods Sold

SSS, PhilHealth Payable

NOVELTY CRAFTS INC.

31 Labor Qty/Efficiency Variance

Cost of Goods Sold

NOVELTY CRAFTS INC.

31 Factory Overhead Control

31 Selling and Marketing Expense Control

Selling and Marketing Expense Control

31 Factory Overhead Control

31 Gen. and Admin. Expense Control

31 Factory Overhead Control

31 Gen. and Admin. Expense Control

31 Gen. and Admin. Expense Control

NOVELTY CRAFTS INC.

31 Cost of Goods Sold

NOVELTY CRAFTS INC.

NOVELTY CRAFTS INC.

NOVELTY CRAFTS INC.

NOVELTY CRAFTS INC.

NOVELTY CRAFTS INC.

NOVELTY CRAFTS INC.

NOVELTY CRAFTS INC.

NOVELTY CRAFTS INC.

NOVELTY CRAFTS INC.

Finished Goods Inventory

NOVELTY CRAFTS INC.

Factory Supplies Inventory

Office Supplies Inventory

NOVELTY CRAFTS INC.

Machinery and Equipment

Accumulated Depreciation - Machinery and Equipment

Furniture and Fixtures

Accumulated Depreciation - Furniture and Fixtures

NOVELTY CRAFTS INC.

Withholding Taxes Payable

Income Taxes Payable

SSS, PhilHealth Payable

Pag IBIG Payable

NOVELTY CRAFTS INC.

Accrued Expense Payable

NOVELTY CRAFTS INC.

Cost of Goods Sold

General and Administrative Expense Control

NOVELTY CRAFTS INC.