Cost Accounting Practice Set (L. Payongayong).xlsx

NOVELTY CRAFTS INC.GENERAL JOURNAL

January 2011

Date Description PR Debit CreditJan. 3 WIP - Painting 1105b 990.00

Materials Inventory 1106 990.00

3 WIP - Molding 1105a 6,000.00 Materials Inventory 1106 6,000.00

5 Cash 1101 268,800.00 Sales 4101 240,000.00 VAT Payable 2107 28,800.00

Cost of Goods Sold 5101 120,000.00 Finished Goods Inventory 1104 120,000.00

5 Withholding Taxes Payable 2101 9,525.00 Cash 1101 9,525.00

5 Accounts Payable 2106 25,000.00 Cash 1101 25,000.00

6 WIP - Packaging 1105c 2,394.00 Materials Inventory 1106 2,394.00

8 WIP - Molding 1105a 280.00 WIP - Painting 1105b 4,200.00 WIP - Packaging 1105c 140.00

Applied Factory Overhead 5105 4,620.00


Cost of Goods Sold 5101 25,200.00 WIP - Molding 1105a 5,187.00 WIP - Painting 1105b 17,115.00 WIP - Packaging 1105c 2,898.00

10 SSS, PhilHealth Payable 2103 4,540.00 Cash 1101 4,540.00

10 Pag IBIG Payable 2104 2,200.00 Cash 1101 2,200.00

10 Materials Inventory 1106 18,630.00 VAT Payable 2107 2,235.60

Cash 1101 20,865.60

10 Factory Overhead Control 5104 4,000.00 Selling and Marketing Expense Control 5103 6,000.00 Gen. and Admin. Expense Control 5102 5,000.00


January 2011

Cash 1101 15,000.00

10 Accounts Payable 2106 60,000.00 Cash 1101 60,000.00

10 Cash 1101 70,000.00 Accounts Receivable 1103 70,000.00

10 Prepaid Insurance 1110 4,800.00 Cash 1101 4,800.00

10 WIP - Painting 1105b 3,300.00 Materials Inventory 1106 3,300.00

10 Prepaid Insurance 1110 7,000.00 Cash 1101 7,000.00

10 Accounts Receivable 1103 13,440.00 Sales 4101 12,000.00 VAT Payable 2107 1,440.00

Cost of Gooods Sold 5101 6,000.00 Finished Goods Inventory 1104 6,000.00

11 Gen. and Admin. Expense Control 5102 16,000.00 Cash 1101 16,000.00

14 Accrued Expense Payable 2105 5,400.00 Cash 1101 5,400.00

14 Payroll 5106 1,508.00 Cash 1101 1,508.00

14 Payroll 5106 97,365.50 Cash 1101 97,365.50

14 WIP - Molding 1105a 2,020.00 WIP - Painting 1105b 12,423.00 WIP - Packaging 1105c 1,508.00 Factory Overhead Control 5104 25,042.25 Gen. and Admin. Expense Control 5102 39,876.25 Selling and Marketing Expense Control 5103 18,004.00

Payroll 5106 98,873.50

14 Materials Inventory 1106 12,150.00 VAT Payable 2107 1,458.00

Cash 1101 13,608.00

14 Selling and Marketing Expense Control 5103 3,000.00 Cash 1101 3,000.00


January 2011


17 Accounts Receivable 1103 8,064.00 Sales 4101 7,200.00 VAT Payable 2107 864.00


17 Gen. and Admin. Expense Control 5102 4,000.00 Selling and Marketing Expense Control 5103 2,000.00 Factory Overhead Control 5104 14,000.00 VAT Payable 2107 2,400.00

Cash 1101 21,400.00 Withholding Taxes Payable 2101 1,000.00

18 Factory Supplies Inventory 1107 4,500.00 Cash 1101 4,500.00



20 Selling and Marketing Expense Control 5103 15,000.00 VAT Payable 2107 1,800.00

Cash 1101 16,050.00 Withholding Taxes Payable 2101 750.00



22 WIP - Painting 1105b 1,320.00 Materials Inventory 1106 1,320.00





January 2011

24 Finished Goods Inventory 1104 36,000.00 WIP - Molding 1105a 7,410.00 WIP - Painting 1105b 24,450.00 WIP - Packaging 1105c 4,140.00

25 VAT Payable 2107 23,262.00 Cash 1101 23,262.00

25 Materials Inventory 1106 2,025.00 VAT Payable 2107 243.00

Cash 1101 2,268.00






31 Payroll 5106 4,212.00 SSS, PhilHealth Payable 2103 491.70 Pag IBIG Payable 2104 100.00 Cash 1101 2,372.30 Accrued Payroll 2108 1,248.00


Cash 1101 4,536.00

31 Payroll 5106 99,996.50 SSS, PhilHealth Payable 2103 7,516.70 Pag IBIG Payable 2104 1,400.00 Withholding Taxes Payable 2101 13,244.60 Cash 1101 77,835.20


January 2011

31 WIP - Molding 1105a 4,040.00 WIP - Painting 1105b 14,443.00 WIP - Packaging 1105c 4,212.00 Factory Overhead Control 5104 24,183.75 Selling and Marketing Expense Control 5103 18,079.75 Gen. and Admin. Expense Control 5102 39,250.00

Payroll 104,208.50




Cost of Goods Sold 5101 14,400.00 WIP - Molding 1105a 2,964.00 WIP - Painting 1105b 9,780.00 WIP - Packaging 1105c 1,656.00


Accounts Payable 2106 6,804.00


31 Materials Inventory 1106 195.00 Materials Price Variance VA26 195.00

31 WIP - Molding 1105a 210.00 Material Quantity Variance VA26 210.00

31 Labor Qty/Efficiency Variance VA26 303.00 WIP - Molding 1105a 202.00 WIP - Painting 1105b 101.00

31 FOH Variances VA26 120.00 WIP - Molding 1105a 80.00 WIP - Painting 1105b 40.00


January 2011

ADJUSTING ENTRIESJan. 31 Gen. and Admin. Expense Control 5102 250.00

Office Supplies 1108 250.00

31 Factory Overhead Control 5104 6,100.00 Factory Supplies 1107 6,100.00

31 Selling and Marketing Expense Control 5103 200.00 Prepaid Insurance 1110 200.00

Selling and Marketing Expense Control 5103 58.33 Gen. and Admin. Expense Control 5102 29.17 Factory Overhead Control 5104 204.17

Prepaid Insurance 1110 291.67

31 Factory Overhead Control 5104 5,000.00 Accum. Depreciation - ME 1201-A 5,000.00

31 Gen. and Admin. Expense Control 5102 2,533.33 Selling and Marketing Expense Control 5103 316.67 Factory Overhead Control 5104 316.67

Accum. Depreciation - FF 1202-A 3,166.67

31 Factory Overhead Control 5104 41.67 Tools 1203 41.67

31 Gen. and Admin. Expense Control 5102 #REF!Selling and Marketing Expense Control 5103 #REF!Factory Overhead Control 5104 #REF!

SSS, PhilHealth Payable 2103 #REF!Pag IBIG Payable 2104 #REF!

31 WIP - Molding 1105a 400.00 Applied Factory Overhead 5105 400.00

31 Gen. and Admin. Expense Control 5102 86,198.52 Income Tax Payable 2102 86,198.52


January 2011

CLOSING ENTRIES31 Cost of Goods Sold 5101 73,035.71

Applied Factory Overhead 5105 14,260.00 Factory Overhead Control 5104 87,295.71

.31 Sales 4101 948,400.00

Retained Earnings 3102 948,400.00

31 Cost of Goods Sold 5101 18.00 Material Quantity Variance VA26 210.00 Material Price Variance VA26 195.00

Labor Qty/Efficiency Variance VA26 303.00 FOH Variances VA26 120.00

31 Retained Earnings 3102 747,211.63 Cost of Goods Sold 5101 483,503.71 Gen. and Admin. Exp. Control 5102 197,865.47 Selling and Mktg. Exp. Control 5103 65,842.45

NOVELTY CRAFTS INC.GENERAL LEDGER

January 2011

CashDate Description Debit Date Description Credit

Jan. 1 Balance 109,695.00 Jan. 5 9,525.00 3 268,800.00 5 25,000.00 8 56,448.00 10 4,540.00

10 70,000.00 10 2,200.00 14 30,000.00 10 20,865.60 18 13,440.00 10 15,000.00 27 26,880.00 10 60,000.00 27 40,320.00 10 4,800.00 31 32,256.00 10 7,000.00

11 16,000.00 14 5,400.00 14 1,508.00 14 97,365.50 14 13,608.00 14 3,000.00 17 21,400.00 18 4,500.00 20 16,050.00 25 23,262.00 25 2,268.00 31 2,372.30 31 4,536.00 31 77,835.20

647,839.00 438,035.60 209,803.40

Temporary InvestmentsDate Description Debit Date Description Credit

Jan. 1 Balance 550,000.00

Accounts ReceivableDate Description Debit Date Description Credit

Jan. 1 Balance 613,100.00 Jan. 10 70,000.00 10 13,440.00 14 30,000.00 17 8,064.00 18 13,440.00 21 26,880.00 27 26,880.00 25 40,320.00 27 40,320.00 31 550,000.00

1,251,804.00 180,640.00


January 2011

1,071,164.00

Finished Goods InventoryDate Description Debit Date Desctiption Credit

Jan. 1 Balance 417,300.00 Jan. 5 120,000.00 24 36,000.00 10 6,000.00

17 3,600.00 21 8,500.00 25 12,750.00 31 220,000.00

453,300.00 370,850.00 82,450.00

WIP - MoldingDate Description Debit Date Description Credit

Jan .1 Balance 4,977.00 Jan. 8 5,187.00 3 6,000.00 24 7,410.00 8 280.00 31 2,964.00

14 2,020.00 31 202.00 20 2,400.00 31 80.00 24 400.00 27 6,000.00 31 4,040.00 31 160.00 31 210.00 15,843.00

26,487.00 10,644.00

31 Adjusting 400.00

WIP - PaintingDate Description Debit Date Description Credit

Jan. 1 Balance 11,190.00 Jan. 8 17,115.00 3 990.00 24 24,450.00 8 4,200.00 31 9,780.00

10 3,300.00 31 101.00 14 12,423.00 31 40.00 22 1,320.00 24 6,000.00 31 14,443.00

2,400.00 56,266.00 51,486.00

4,780.00


January 2011

WIP - PackagingDate Description Debit Date Description Credit

Jan. 6 2,394.00 Jan. 8 2,898.00 8 140.00 24 4,140.00

14 1,508.00 31 1,656.00 22 3,420.00 24 200.00 31 4,212.00 31 80.00 31 1,368.00

13,322.00 8,694.00 4,628.00

Materials InventoryDate Description Debit Date Description Credit

Jan. 1 Balance 11,784.00 Jan. 3 990.00 10 18,630.00 3 6,000.00 14 12,150.00 6 2,394.00 25 2,025.00 10 3,300.00 31 4,050.00 20 2,400.00 31 6,075.00 22 1,320.00 31 195.00 22 3,420.00

27 6,000.00 31 1,368.00

54,909.00 27,192.00 27,717.00

Factory Supplies InventoryDate Description Debit Date Description Credit

Jan. 1 Balance 2,000.00 Jan. 31 Adjusting 6,100.00 3 4,500.00

6,500.00

Office Supplies Inventory


January 2011

Date Description Debit Date Description Credit Jan. 1 Balance 2,750.00 Jan. 31 Adjusting 250.00

Prepaid RentDate Description Debit Date Description Credit


Prepaid InsuranceDate Description Debit Date Description Credit

Jan. 10 4,800.00 Jan. 31 Adjusting 200.00 10 7,000.00 31 Adjusting 291.67

11,800.00

Machinery and EquipmentDate Description Debit Date Description Credit


Accumulated Depreciation - Machinery and EquipmentDate Description Debit Date Description Credit

Jan. 1 Balance 225,000.00 31 Adjusting 5,000.00

Furniture and FixturesDate Description Debit Date Description Credit


Accumulated Depreciation - Furniture and FixturesDate Description Debit Date Description Credit

Jan. 1 Balance 220,000.00 31 Adjusting 3,166.67


January 2011

ToolsDate Description Debit Date Description Credit

Jan. 1 Balance 20,500.00 Jan. 31 Adjusting 41.67

Rental DepositDate Description Debit Date Description Credit


Utilities DepositDate Description Debit Date Description Credit


Withholding Taxes PayableDate Description Debit Date Description Credit

Jan. 5 9,525.00 Jan. 1 Balance 9,525.00 17 1,000.00 20 750.00 31 13,244.60

9,525.00 24,519.60 14,994.60

Income Taxes PayableDate Description Debit Date Description Credit

Jan. 1 Balance 28,500.00 Jan. 31 Adjusting 86,198.52

114,698.52

SSS, PhilHealth PayableDate Description Debit Date Description Credit

Jan. 10 4,540.00 Jan. 1 Balance 4,540.00 31 491.70 31 7,516.70

4,540.00 12,548.40 8,008.40

31 Adjusting 14,877.60


January 2011

Pag IBIG PayableDate Description Debit Date Description Credit

Jan. 10 2,200.00 Jan. 1 Balance 2,200.00 31 100.00 31 1,400.00

2,200.00 3,700.00 1,500.00


Accrued Expense PayableDate Description Debit Date Description Credit

Jan. 14 5,400.00 Jan. 1 Balance 20,163.00 Jan. 31 1,248.00

21,411.00

16,011.00

Accounts PayableDate Description Debit Date Description Credit

Jan. 5 25,000.00 Jan. 1 Balance 103,750.00 10 60,000.00 31 6,804.00

85,000.00 110,554.00

25,554.00

VAT PayableDate Description Debit Date Description Credit

Jan. 10 2,235.60 Jan. 1 Balance 23,262.00 14 1,458.00 5 28,800.00

17 2,400.00 8 6,048.00 20 1,800.00 10 1,440.00 25 23,262.00 17 864.00

25 243.00 21 2,880.00

31 486.00 25 4,320.00 31 729.00 31 3,456.00

32,613.60 71,070.00 38,456.40

Accrued PayrollDate Description Debit Date Description Credit

Jan. 31 1,248.00 Jan. 31 1,248.00

Common StockDate Description Debit Date Description Credit

Jan. 1 Balance 1,000,000.00


January 2011

Retained EarningsDate Description Debit Date Description Credit

Jan. 31 Closing 747,211.63 Jan. 1 Balance 1,196,356.00 Jan. 31 Closing 948,400.00

2,144,756.00

1,397,544.37

SalesDate Description Debit Date Description Credit

Jan. 31 Closing 948,400.00 Jan. 5 240,000.00 8 50,400.00

10 12,000.00 17 7,200.00 21 24,000.00 25 36,000.00

31 28,800.00 31 550,000.00

948,400.00

Cost of Goods SoldDate Description Debit Date Description Credit

Jan. 5 120,000.00 Jan. 31 Closing 483,503.71 8 25,200.00

10 6,000.00 17 3,600.00 21 8,500.00 25 12,750.00

31 14,400.00 31 220,000.00 31 Closing 73,035.71 31 Closing 18.00

483,503.71

General and Administrative Expense ControlDate Description Debit Date Description Credit

Jan. 10 5,000.00 Jan. 31 Closing 197,923.97 11 16,000.00 14 39,876.25 17 4,000.00 31 39,250.00

104,126.25

31 Adjusting 250.00


January 2011

31 Adjusting 29.17 31 Adjusting 2,533.33 31 Adjusting 4,786.70


Selling and Marketing Expense ControlDate Description Debit Date Description Credit

Jan. 10 6,000.00 Jan. 31 Closing 65,842.45 14 3,000.00 14 18,004.00

17 2,000.00 20 15,000.00 31 18,079.75

62,083.75 31 Adjusting 200.00 31 Adjusting 58.33 31 Adjusting 316.67 31 Adjusting 3,183.70

Factory Overhead ControlDate Description Debit Date Description Credit

Jan. 10 4,000.00 Jan. 31 Closing 87,295.71 14 25,042.25 17 14,000.00 31 24,183.75

67,226.00 31 Adjusting 6,100.00

31 Adjusting 204.17

31 Adjusting 5,000.00 31 Adjusting 316.67

31 Adjusting 41.67 31 Adjusting 8,407.20

Applied Factory OverheadDate Description Debit Date Description Credit

Jan. 31 Closing 14,260.00 Jan. 8 4,620.00


January 2011

24 6,600.00 31 2,640.00

13,860.00 31 Adjusting 400.00

PayrollDate Description Debit Date Description Credit

Jan. 14 1,508.00 Jan. 14 98,873.50 14 97,365.50 31 104,208.50 31 4,212.00 31 99,996.50

203,082.00 203,082.00

NOVELTY CRAFTS INC.TRIAL BALANCE

January 2011

Debit CreditCash 209,803.40 Temporary Investments 550,000.00 Accounts Receivable 1,071,164.00 Finished Goods Inventory 82,450.00 WIP - Molding 10,644.00 WIP - Painting 4,780.00 WIP - Packaging 4,628.00 Materials Inventory 27,717.00 Factory Supplies Inventory 6,500.00 Office Supplies Inventory 2,750.00 Prepaid Rent 15,000.00 Prepaid Insurance 11,800.00 Machinery and Equipment 600,000.00 Accumulated Depreciation - ME 225,000.00 Furniture and Fixtures 380,000.00 Accumulated Depreciation - FF 220,000.00 Tools 20,500.00 Rental Deposit 70,000.00 Utilities Deposit 25,000.00 Withholding Tax Payable 14,994.60 Income Tax Payable 28,500.00 SSS, PhilHealth Payable 8,008.40 Pag IBIG Payable 1,500.00 Accrued Expense Payable 16,011.00 Accounts Payable 25,554.00 VAT Payable 38,456.40 Accrued PayrollCommon Stock 1,000,000.00 Retained Earnings 1,196,356.00 Sales 948,400.00 Cost of Goods Sold 410,450.00 Gen. and Adm. Expense Control 104,126.25 Sell. And Mktg. Expense Control 62,083.75 Factory Overhead Control 67,226.00 Applied Factory Overhead 13,860.00 Payroll - Material Price Variance 195.00 Material Quantity Variance 210.00 Labor Qty/Efficiency Variance 303.00 FOH Variance 120.00 TOTALS 3,737,045.40 3,737,045.40

NOVELTY CRAFTS INC.WORKSHEETJanuary 2011

Trial Balance Adjustments Adjusted Trial Balance

Debit Credit Debit Credit Debit

Cash 209,803.40 209,803.40

Temporary Investments 550,000.00 550,000.00

Accounts Receivable 1,071,164.00 1,071,164.00

Finished Goods Inventory 82,450.00 82,450.00

WIP - Molding 10,644.00 400.00 11,044.00

WIP - Painting 4,780.00 4,780.00

WIP - Packaging 4,628.00 4,628.00

Materials Inventory 27,717.00 27,717.00

Factory Supplies Inventory 6,500.00 6,100.00 400.00

Office Supplies Inventory 2,750.00 250.00 2,500.00

Prepaid Rent 15,000.00 15,000.00

Prepaid Insurance 11,800.00 491.67 11,308.33

Machinery and Equipment 600,000.00 600,000.00

Accumulated Depreciation - ME 225,000.00 5,000.00

Furniture and Fixtures 380,000.00 380,000.00

Accumulated Depreciation - FF 220,000.00 3,166.67

Tools 20,500.00 41.67 20,458.33

Rental Deposit 70,000.00 70,000.00

Utilities Deposit 25,000.00 25,000.00

Withholding Tax Payable 14,994.60

Income Tax Payable 28,500.00 86,198.52

SSS, PhilHealth Payable 8,008.40 14,877.60

Pag IBIG Payable 1,500.00 1,500.00

Accrued Expense Payable 16,011.00

Accounts Payable 25,554.00

VAT Payable 38,456.40

Accrued Payroll

Common Stock 1,000,000.00

Retained Earnings 1,196,356.00

Sales 948,400.00

Cost of Goods Sold 410,450.00 410,450.00

Gen. and Adm. Expense Control 104,126.25 93,797.72 197,923.97

Sell. And Mktg. Expense Control 62,083.75 3,758.70 65,842.45

Factory Overhead Control 67,226.00 20,069.71 87,295.71

Applied Factory Overhead 13,860.00 400.00

Payroll -

Material Price Variance 195.00

Material Quantity Variance 210.00

Labor Qty/Efficiency Variance 303.00 303.00

FOH Variance 120.00 120.00

Net Income (Loss)

Totals 3,737,045.40 3,737,045.40 118,026.13 118,026.13 3,848,188.19

NOVELTY CRAFTS INC.WORKSHEETJanuary 2011

Adjusted Trial Balance Income Statement Balance Sheet

Credit Debit Credit 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

230,000.00 230,000.00

380,000.00

223,166.67 223,166.67

20,458.33

70,000.00

25,000.00

14,994.60 14,994.60

114,698.52 114,698.52

22,886.00 22,886.00

3,000.00 3,000.00

16,011.00 16,011.00

25,554.00 25,554.00

38,456.40 38,456.40

- -

1,000,000.00 1,000,000.00

1,196,356.00 1,196,356.00

948,400.00 948,400.00

410,450.00

197,923.97

65,842.45

87,295.71

14,260.00 14,260.00

195.00 195.00 195.00

210.00 210.00

303.00

120.00

201,129.87 201,129.87

3,848,188.19 963,065.00 963,065.00 3,086,253.06 3,086,253.06

NOVELTY CRAFTS INC.VARIANCE ANALYSIS

January 2011

ACTUAL COSTS STANDARD COSTS

Total Variance Price Variance Total VarianceMATERIALS MATERIALS

Job No. Department Actual Output Quantity Unit Cost Total Std. Qty Std. U. C. Total

A1400 Molding 105 38.00 3,990.00 105 40.00 4,200.00 210.00 210.00 210.00

Painting 4 330.00 1,320.00 4 330.00 1,320.00

Painting 3 330.00 990.00 3 330.00 990.00

Packaging 7 342.00 2,394.00 7 342.00 2,394.00

Total 8,694.00 8,904.00

2010 210.00

LABOR LABOR

Quantity Unit Cost Total Std. Qty Std. U. C. Total

Molding 14 50.50 707.00 14 50.50 707.00

Painting 140 50.50 7,070.00 140 50.50 7,070.00

Painting 72 50.50 3,636.00 70 50.50 3,535.00 (101.00) (101.00) (101.00)

Packaging 7 52.00 364.00 7 52.00 364.00

Total 11,777.00 11,676.00

OVERHEAD OVERHEAD


Molding 14 20.00 280.00 14 20.00 280.00

Painting 140 20.00 2,800.00 140 20.00 2,800.00

Painting 72 20.00 1,440.00 70 20.00 1,400.00 (40.00) (40.00) (40.00)

Packaging 7 20.00 140.00 7 20.00 140.00

Total 4,660.00 4,620.00 69.00

Quantity Variance


January 2011




A1401 Molding 150 38.00 5,700.00 150 40.00 6,000.00 300.00 300.00 300.00

Painting 10 330.00 3,300.00 10 330.00 3,300.00

Packaging 10 342.00 3,420.00 10 342.00 3,420.00

Total 12,420.00 12,720.00

LABOR LABOR


Molding 20 50.50 1,010.00 20 50.50 1,010.00

Painting 300 50.50 15,150.00 300 50.50 15,150.00

Packaging 10 52.00 520.00 10 52.00 520.00

Total 16,680.00 16,680.00

OVERHEAD OVERHEAD


Molding 20 20.00 400.00 20 20.00 400.00

Painting 300 20.00 6,000.00 300 20.00 6,000.00

Packaging 10 20.00 200.00 10 20.00 200.00

Total 6,600.00 6,600.00 300.00

Quantity Variance


January 2011




A1402 Molding 60 40.50 2,430.00 60 40.00 2,400.00 (30.00) (30.00) (30.00)

Painting 4 330.00 1,320.00 4 330.00 1,320.00

Packaging 4 342.00 1,368.00 4 342.00 1,368.00

Total

LABOR LABOR


Molding 12 50.50 606.00 8 50.50 404.00 (202.00) (202.00) (202.00)

Painting 120 50.50 6,060.00 120 50.50 6,060.00

Packaging 4 52.00 208.00 4 52.00 208.00

Total

OVERHEAD OVERHEAD


Molding 12 20.00 240.00 8 20.00 160.00 (80.00) (80.00) (80.00)

Painting 120 20.00 2,400.00 120 20.00 2,400.00

Packaging 4 20.00 80.00 4 20.00 80.00

Total (312.00)

Quantity Variance


January 2011




A1403 Molding 150 40.50 6,075.00 150 40.00 6,000.00 (75.00) (75.00) (75.00)

Painting

Painting

Packaging

Total

LABOR LABOR


Molding 20 50.50 1,010.00 20 50.50 1,010.00

Painting

Painting

Packaging

Total

OVERHEAD OVERHEAD


Molding

Painting

Painting

Packaging

Total

Quantity Variance


January 2011

MATERIALS LABOR OVERHEAD

Rate Variance Rate VarianceJob Numbers

A1400 2010 210.00

2011 (101.00) (40.00)

Total 210.00 (101.00) (40.00) 69.00

A1401 300.00 300.00

A1402 (30.00) (202.00) (80.00) (312.00)

A1403 (75.00)

Total per cost sheet

Total per book

Difference 195.00 210.00 (303.00) (120.00) 57.00

Total Variance F(UF)

Price Variance

Quantity Variance

Efficiency Variance

Efficiency Variance

NOVELTY CRAFTS INC.JOB ORDER COST SHEET

Customer Jenny Santos Job No.Job Description Model A - Debutante Angel 4" Quantity

Date Ordered 20-Dec-10 Date NeededDate Started 20-Dec-10 Date Completed

DIRECT MATERIALS USEDMolding Department

Date Items MRS No. Measure Quantity Unit Cost Total Cost20-Dec resins 1542 kls 105 38 3,990

Total Costs 105 3,990Painting Department

Date Items MRS No. Measure Quantity Unit Cost Total Cost20-Dec paint 1543 gals 4 330 1,320

3-Jan paint 1545 gals 3 330 990

Total Costs 7 2,310Packaging Department

Date Items MRS No. Measure Quantity Unit Cost Total Cost6-Jan set of boxes 1547 pcs 7 342 2,394

Total Costs 7 2,394

TOTAL MATERIAL COSTS 8,694

DIRECT LABOR USEDMolding Department

Date Worker From To Hours Rate Total Cost31-Dec Aguas, Arnold 20-Dec 21-Dec 14 50.50 707.00

Total Costs 14 707.00Painting Department

Date Worker From To Hours Rate Total Cost31-Dec Baluyut, Benhur 22-Dec 29-Dec 70 50.50 3,535.0031-Dec Cruz, Cartney 22-Dec 29-Dec 70 50.50 3,535.00

8-Jan Baluyut, Benhur 3-Jan 8-Jan 48 50.50 2,424.005-Jan Cruz, Cartney 3-Jan 5-Jan 24 50.50 1,212.00

Total Cost 212 10,706.00Packaging Department

Date Worker From To Hours Rate Total Cost6-Jan de Leon, Dandee 6-Jan 6-Jan 7 52.00 364.00

Total Cost 7 364.00

TOTAL DIRECT LABOR COSTS 11,777.00

SUMMARY OF COSTSMolding Painting Packaging

Actual Budget Actual Budget Actual BudgetMaterials 3,990.00 4,200.00 2,310.00 2,310.00 2,394.00 2,394.00 8,694.00 Labor 707.00 707.00 10,706.00 10,605.00 364.00 364.00 11,777.00 Overhead 280.00 280.00 4,240.00 4,200.00 140.00 140.00 4,660.00

Total Cost (Actual)


Total Costs 4,977.00 5,187.00 17,256.00 17,115.00 2,898.00 2,898.00 25,131.00 Variances F(UF) 210.00 (141.00) -

Contract Price Remarks

Customer For Stock Job No. A1401Job Description Model A - Cupid Angel 4" Quantity 300 pcs

Date Ordered Date Needed 25-Jan-11Date Started 5-Jan-11 Date Completed


Date Items MRS No. Measure Quantity Unit Cost Total Cost3-Jan resins 1546 kls 150 38 5,700

Total Costs 150 38 5,700Painting Department

Date Items MRS No. Measure Quantity Unit Cost Total Cost10-Jan paints 1548 gals 10 330 3,300

Total Costs 10 330 3,300Packaging Department

Date Items MRS No. Measure Quantity Unit Cost Total Cost22-Jan set of boxes 1551 pcs 10 342 3,420

Total Costs 10 3,420

TOTAL MATERIAL COSTS 12,420


Date Worker From To Hours Rate Total Cost5-Jan Aguas, Arnold 3-Jan 5-Jan 20 50.50 1,010.00

Total Costs 20 1,010.00Painting Department

Date Worker From To Hours Rate Total Cost15-Jan Aguas, Arnold 10-Jan 15-Jan 60 50.50 3,030.0022-Jan Baluyut, Benhur 10-Jan 22-Jan 120 50.50 6,060.0022-Jan Cruz, Cartney 10-Jan 22-Jan 120 50.50 6,060.00

Total Cost 300 15,150.00Packaging Department



Total Cost 10 520.00



Actual Budget Actual Budget Actual BudgetMaterials 5,700.00 6,000.00 3,300.00 3,300.00 3,420.00 3,420.00 12,420.00 Labor 1,010.00 1,010.00 15,150.00 15,150.00 520.00 520.00 16,680.00 Overhead 400.00 400.00 6,000.00 6,000.00 200.00 200.00 6,600.00 Total Costs 7,110.00 7,410.00 24,450.00 24,450.00 4,140.00 4,140.00 35,700.00 Variances F(UF) 300.00 - -


Customer Bobby Roberts Job No. A1402Job Description Model A - Bride and Groom Quantity 120 pcs

Date Ordered 20-Jan-11 Date Needed 5-Feb-11Date Started 20-Jan-11 Date Completed


Date Items MRS No. Measure Quantity Unit Cost Total Cost20-Jan resins 1549 kls 60 40.50 2,430.00

Total Costs 60 2,430.00Painting Department

Date Items MRS No. Measure Quantity Unit Cost Total Cost22-Jan paints 1550 gals 4 330.00 1,320.00

Total Costs 4 1,320.00 Packaging Department

Date Items MRS No. Measure Quantity Unit Cost Total Cost31-Jan set of boxes 1553 pcs 4 342.00 1,368.00

Total Costs 4 1,368.00

TOTAL MATERIAL COSTS 5,118.00


Date Worker From To Hours Rate Total Cost21-Jan Aguas, Arnold 20-Jan 21-Jan 12 50.50 606.00

Total Costs 12 606.00Painting Department

Date Worker From To Hours Rate Total Cost

Total Cost (Actual)


22-Jan Aguas, Arnold 22-Jan 22-Jan 8 50.50 404.0031-Jan Baluyut, Benhur 24-Jan 31-Jan 56 50.50 2,828.0031-Jan Cruz, Cartney 24-Jan 31-Jan 56 50.50 2,828.00

Total Cost 120 50.50 6,060.00Packaging Department


Total Cost 4 208.00



Actual Budget Actual Budget Actual BudgetMaterials 2,430.00 2,400.00 1,320.00 1,320.00 1,368.00 1,368.00 5,118.00 Labor 606.00 404.00 6,060.00 6,060.00 208.00 208.00 6,874.00 Overhead 240.00 160.00 2,400.00 2,400.00 80.00 80.00 2,720.00 Total Costs 3,276.00 2,964.00 9,780.00 9,780.00 1,656.00 1,656.00 14,712.00 Variances F(UF) (312.00) - -


Customer For Stock Job No. A1403Job Description Model A - Baby Jesus Quantity 300 pcs

Date Ordered Date Needed 10-Feb-11Date Started 27-Jan-11 Date Completed


Date Items MRS No. Measure Quantity Unit Cost Total Cost27-Jan resins 1552 kls 150 40.50 6,075.00

Total CostsPainting Department

Date Items MRS No. Measure Quantity Unit Cost Total Cost

Total CostsPackaging Department

Date Items MRS No. Measure Quantity Unit Cost Total Cost

Total Costs

Total Cost (Actual)


TOTAL MATERIAL COSTS


Date Worker From To Hours Rate Total Cost29-Jan Aguas, Arnold 27-Jan 29-Jan 20 50.50 1,010.00

Total CostsPainting Department


Total CostPackaging Department


Total Cost

TOTAL DIRECT LABOR COSTS


Actual Budget Actual Budget Actual BudgetMaterialsLaborOverheadTotal CostsVariances F(UF)


Total Cost (Actual)


A1400210 pcs

8-Jan-11

DIRECT MATERIALS USED

DIRECT LABOR USED

SUMMARY OF COSTS

8,904.00 11,676.00 4,620.00

Total Cost (Budget)


25,200.00 69.00



SUMMARY OF COSTS

12,720.00 16,680.00 6,600.00 36,000.00 300.00


Total Cost (Budget)


SUMMARY OF COSTS

5,088.00 6,672.00 2,640.00 14,400.00 (312.00)


Total Cost (Budget)


SUMMARY OF COSTS

Total Cost (Budget)

NOVELTY CRAFTS INC.PAYROLL

Period Covered: JAN. 1 - 15, 2011

Overtime Late/Absences

Rate Basic Pay Hours Amount Hours Amount Total Gross Pay

Santos, J.P 36,000.00 18,000.00 18,000.00

Vasquez, L. 18,000.00 9,000.00 9,000.00

Lopez, K. 15,000.00 7,500.00 7,500.00

Kay, A.K. 10,500.00 5,250.00 2 126.25 5,376.25

Mayo, M. 15,000.00 7,500.00 7,500.00

Junio, M. 404.00 5,252.00 5,252.00

Serrano, R. 404.00 5,252.00 5,252.00

Valdez, S. 11,000.00 5,500.00 5,500.00

Perez, R. 10,500.00 5,250.00 5,250.00

Gonzales, P. 15,000.00 7,500.00 7,500.00

Aguas, A. 404.00 4,848.00 2 126.25 4,974.25

Baluyut, B. 404.00 5,252.00 2 126.25 5,378.25

Cruz, C. 404.00 5,252.00 2 126.25 5,378.25

Ruiz, R. 404.00 5,252.00 4 252.50 5,504.50

TOTAL

Period Covered: JAN. 16 - 31, 2011

Overtime Late/Absences

Rate Basic Pay Hours Amount Hours Amount Total Gross Pay

Santos, J.P 36,000.00 18,000.00 18,000.00

Vasquez, L. 18,000.00 9,000.00 9,000.00

Lopez, K. 15,000.00 7,500.00 8 500.00 7,000.00

Kay, A.K. 10,500.00 5,250.00 5,250.00

Mayo, M. 15,000.00 7,500.00 7,500.00

Junio, M. 404.00 5,252.00 1 50.50 5,201.50

Serrano, R. 404.00 5,252.00 2 126.25 5,378.25

Valdez, S. 11,000.00 5,500.00 5,500.00

Perez, R. 10,500.00 5,250.00 5,250.00

Gonzales, P. 15,000.00 7,500.00 7,500.00

Aguas, A. 404.00 5,252.00 10 631.25 5,883.25

Baluyut, B. 404.00 5,252.00 22 1,388.75 6,640.75

Cruz, C. 404.00 5,252.00 22 1,388.75 6,640.75

Ruiz, R. 404.00 5,252.00 5,252.00

TOTAL 99,996.50

Rate Gross Pay Overtime Pay Total Amount

Hours Amount

Santos, J.P 36,000.00 18,000.00 18,000.00

Vasquez, L. 18,000.00 9,000.00 9,000.00

Lopez, K. 15,000.00 7,500.00 7,500.00

Kay, A.K. 10,500.00 7,000.00 2 126.25 7,126.25

Mayo, M. 15,000.00 7,500.00 7,500.00

Junio, M. 404.00 5,252.00 5,252.00

Serrano, R. 404.00 5,252.00 5,252.00

Valdez, S. 11,000.00 5,500.00 5,500.00

Perez, R. 10,500.00 5,250.00 5,250.00

Gonzales, P. 15,000.00 7,500.00 7,500.00

Aguas, A. 404.00 4,848.00 2 126.25 4,974.25

Days Present

Days Present


Baluyut, B. 404.00 5,252.00 2 126.25 5,378.25

Cruz, C. 404.00 5,252.00 2 126.25 5,378.25

Ruiz, R. 404.00 5,252.00 4 252.50 5,504.50

TOTAL

Rate Gross Pay Overtime Pay Total Amount

Hours Amount

Santos, J.P 36,000.00 18,000.00 18,000.00

Vasquez, L. 18,000.00 9,000.00 9,000.00

Lopez, K. 15,000.00 7,000.00 7,000.00

Kay, A.K. 10,500.00 5,250.00 5,250.00

Mayo, M. 15,000.00 7,500.00 7,500.00

Junio, M. 404.00 5,201.50 5,201.50

Serrano, R. 404.00 5,252.00 2 126.25 5,378.25

Valdez, S. 11,000.00 5,500.00 5,500.00

Perez, R. 10,500.00 5,250.00 5,250.00

Gonzales, P. 15,000.00 7,500.00 7,500.00

Aguas, A. 404.00 5,252.00 10 631.25 5,883.25

Baluyut, B. 404.00 5,252.00 22 1,388.75 6,640.75

Cruz, C. 404.00 5,252.00 22 1,388.75 6,640.75

Ruiz, R. 404.00 5,252.00 5,252.00

TOTAL


Wtax SSS PhilHealth Pag IBIG 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

Wtax SSS PhilHealth Pag IBIG Net Pay

7,249.17 500.00 125.00 100.00 7,974.17 10,025.83

2,235.50 500.00 125.00 100.00 2,960.50 6,039.50

1,466.67 483.30 125.00 100.00 2,174.97 4,825.03

350.00 125.00 100.00 575.00 4,675.00

729.93 500.00 125.00 100.00 1,454.93 6,045.07

333.30 125.00 100.00 558.30 4,643.20

350.00 125.00 100.00 575.00 4,803.25

366.70 125.00 100.00 591.70 4,908.30

350.00 125.00 100.00 575.00 4,675.00

1,563.33 500.00 125.00 100.00 2,288.33 5,211.67

366.70 125.00 100.00 591.70 5,291.55

400.00 125.00 100.00 625.00 6,015.75

400.00 125.00 100.00 625.00 6,015.75

366.70 125.00 100.00 591.70 4,660.30

13,244.60 5,766.70 1,750.00 1,400.00 77,835.20

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

4,545.00 429.25

Total Deduction

Total Deduction

Work in Process

Factory Overhead Control

Gen. and Admin Control

Selling and Mktg. Control


4,949.00 429.25

4,949.00 429.25

5,504.50

14,443.00 25,042.25 39,876.25 18,004.00

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

5,757.00 126.25

6,363.00 277.75

6,363.00 277.75

5,252.00

18,483.00 24,183.75 39,250.00 18,079.75

Work in Process

Factory Overhead Control

Gen. and Admin Control

Selling and Mktg. Control

NOVELTY CRAFTS INC.MATERIALS STOCK CARD

January 2011

NAME OF ITEM: RESINS

Date P.O. No. MRS No.RECEIVED ISSUED BALANCE

Quantity Unit Cost Total Quantity Unit Cost Total Quantity Unit Cost Total 1-Dec Beginning balance 300 38.00 11,400.00

15-Dec 1540 45 38.00 1,710.00 255 38.00 9,690.00 20-Dec 1542 105 38.00 3,990.00 150 38.00 5,700.00

1-Jan Beginning balance 150 38.00 5,700.00 3-Jan 1546 150 38.00 5,700.00 0 38.00 -

14-Jan 1201 300 40.50 12,150.00 300 40.50 12,150.00 20-Jan 1549 60 40.50 2,430.00 240 40.50 9,720.00 25-Jan 1202 50 40.50 2,025.00 290 40.50 11,745.00 27-Jan 1552 150 40.50 6,075.00 140 40.50 5,670.00 31-Jan 1203 100 40.50 4,050.00 240 40.50 9,720.00

31 1204 150 40.50 6,075.00 390 40.50 15,795.00


January 2011

NAME OF ITEM: PAINTS



16-Dec 1541 3 330.00 990.00 10 330.00 3,300.00 20-Dec 1543 4 330.00 1,320.00 6 330.00 1,980.00

1-Jan Beginning balance 6 330.00 1,980.00 3-Jan 1545 3 330.00 990.00 3 330.00 990.00

10-Jan 1200 15 330.00 4,950.00 18 330.00 5,940.00 10-Jan 1548 10 330.00 3,300.00 8 330.00 2,640.00 22-Jan 4 330.00 1,320.00 4 330.00 1,320.00


January 2011

NAME OF ITEM: BOXES



22-Dec 1544 3 342.00 1,026.00 12 342.00 4,104.00

1-Jan Beginning balance 12 342.00 4,104.00 6-Jan 7 342.00 2,394.00 5 342.00 1,710.00

10-Jan 40 342.00 13,680.00 45 342.00 15,390.00 22-Jan 10 342.00 3,420.00 35 342.00 11,970.00 31-Jan 4 342.00 1,368.00 31 342.00 10,602.00

NOVELTY CRAFTS INC.Statement of Financial Position

As of January 31, 2011

ASSETSCurrent Assets:

Cash 209,803.40 Temporary Investments 550,000.00 Accounts Receivables 1,071,164.00 Finished Goods Inventory 82,450.00 WIP - Molding 11,044.00 WIP - Painting 4,780.00 WIP - Packaging 4,628.00 Materials Inventory 27,717.00 Factory Supplies 400.00 Office Supplies 2,500.00 Prepaid Insurance 15,000.00 Prepaid Rent 11,308.33

TOTAL 1,990,794.73 Fixed Assets:

Machinery and Equipment 600,000.00 Less: Accumulated Depreciation 230,000.00 370,000.00 Furniture and Fixtures 380,000.00 Less: Accumulated Depreciation 223,166.67 156,833.33 Tools 20,458.33

TOTAL 547,291.66 Other Assets:

Rental Deposit 70,000.00 Utilities Deposit 25,000.00

TOTAL 95,000.00 Total Assets 2,633,086.39

LIABILITIES AND SHAREHOLDER'S EQUITYCurrent Liabilities:

Income Tax Payable 114,698.52 Withholding Taxes Payable 14,994.60 SSS, PhilHealth Payable 22,886.00 Pag IBIG Payable 3,000.00 Accrued Expense Payable 16,011.00 Accounts Payable 25,554.00 VAT Payable 38,456.40

TOTAL 235,600.52 Stockholder's Equity:

1,000,000.00 Retained Earnings 1,397,485.87

TOTAL 2,397,485.87 Total Liabilities and Stockholder's Equity 2,633,086.39

Authorized 10,000 shares at P 100 par, 10,000 shares issued and outstanding

NOVELTY CRAFTS INC.STATEMENT OF INCOME AND RETAINED EARNINGS

For the month ended January 31, 2011

Sales 948,400.00 Less: Cost of Goods Sold 483,503.71 Gross Profit 464,896.29 Less: Operating Expenses

General and Administrative Expense Control:Rent Expense 4,000.00 Salaries and Wages 79,126.25 Taxes and Licenses 16,000.00 SSS, PhilHealth Contributions 4,386.70 Pag IBIG Contributions 400.00 Office Supplies Expense 250.00 Utilities Expense 5,000.00 Donations and ContributionsInsurance Expense 29.17 Depreciation Expenses 2,533.33 Total 111,725.45

Selling and Marketing Expense Control:Rent Expense 17,000.00 Depreciation Expenses 316.67 Office Supplies ExpenseUtilities Expense 6,000.00 Salaries and Wages 36,083.75 SSS, PhilHealth Contributions 2,883.70 Pag IBIG Contributions 300.00 Insurance Expense 258.33 Advertising Expenses 3,000.00 Total 65,842.45

Total Operating Expenses 177,567.90 Net income before income taxes 287,328.39 Less: Income taxes 86,198.52 Net income to Retained Earnings 201,129.87 Retained Earnings, beginning 1,196,356.00 Retained Earnings, ending balance 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 11,784.00 Add: Net purchases 42,930.00 Available for use 54,714.00 Less: Inventory, ending 27,522.00 Direct materials used 27,192.00

Direct labor 27,472.00 Prime Cost 54,664.00 Add: Factory Overhead Applied (Standard) 14,260.00 Add (Less): Variances UF(F) (39.00)Total manufacturing costs 68,885.00 Add: WIP, beginning 16,167.00 Total cost to account for 85,052.00 Less: WIP, ending 20,452.00 Total cost of goods manufactured 64,600.00 Add: Finished goods inventory, beginning 154,800.00 Total cost of goods available for sale 219,400.00 Less: Finished good inventory, ending 61,200.00 Cost of goods sold 158,200.00

Documents

Cost Accounting Practice Set (L. Payongayong).xlsx