SCHEDULES

Schedule 1
Selling Price
2021 2022

Direct Material Used/Unit 17.08 17.93

Labor Cost/Unit 5.63 5.63
Factory Overhead/ Unit 14.61 14.45
Total Cost/Unit 37.31 38.01
Markup to Retailers 40% 14.93 15.20
Selling Price-Retailers (VAT Exc) 52.24 53.21
Input VAT 6.27 6.38
Selling Price Retailers 58.51 59.59
Markup to Consumers 10% 5.85 5.96
Selling Price to Consumers 64.36 65.55

Schedule 2
Sales Volume
2021 2022

Beg. Inventory 0 288

Add: Units Produced 4% 28,800 29,952
Units Available for Sale 28,800 30,240
Less: Ending Inventory 1% 288 300
Sales in Units 28,512 29,940

Schedule 3
Direct Materials Purchases (VATABLE)
 2021 2022

condensed milk 4.00% 317,340.00 343,234.94

corn starch 6,900.00 7,463.04
egg yolks 111,283.20 120,363.91
lemon extract 10,260.00 11,097.22
ripe mango 100,380.00 108,571.01
vanilla extract 10,368.00 11,214.03
Direct Materials Inclusive of VAT 556,531.20 601,944.15
Input VAT 12% 59,628.34 64,494.02
Direct Material Exclusive of VAT 496,902.86 537,450.13

Schedule 4
Direct Materials Used
2021 2022

Direct Materials, Beg 0 4,969.03

Direct Materials Purchases 496,902.86 537,450.13
Direct Materials Available for use 496,902.86 542,419.16
Less: Direct Materials, End 1% 4,969.03 5,424.19
DM Used 491,933.83 536,994.97
Divided by: Annual Production 28,800 29,952
Direct Materials Used per Unit 17.08 17.93

Schedule 5
Direct Labor
2021 2022

No. of Factory Worker 2 2

Multiply by No. of Days 300 300
Total Annual Working Days 600 600
Multiply by Labor Rate 4.00% 270.00 280.80
Direct Labor Cost 162,000.00 168,480.00
Divided by: Annual Production 28,800 29,952
Direct labor per Unit 5.63 5.63

Schedule 6
Rent Expense-Site
2021 2022

Rent Expense-Site(Inclusive of VAT) 8000 96,000.00 96,000.00

Input VAT 12% 10,285.71 10,285.71
Rent Expense (Exclusive of VAT) 85,714.29 85,714.29
Allocated to Factory 80% 68,571.43 68,571.43
Allocated to Office 20% 17,142.86 17,142.86

Schedule 7
Utilities Expense
2021 2022

Electricity 0.04 18,000.00 18,720.00

Telephone 11,988.00 11,988.00
Gas 14,400.00 14,400.00
Inclusive of Tax 44,388.00 44,388.00
Input Tax 12% 4,755.86 5,326.56
Exclusive of Tax 39,632.14 39,632.14
Water 9,600.00 9,600.00
Total Utilities Expense 49,232.14 49,232.14
Allocated to Factory 80% 39,385.71 39,385.71
Allocated to Office 20% 9,846.43 9,846.43
 Schedule 8
Maintenance Expense
2021 2022

brush 4.00% 120.00 124.80

dipper 4.00% 32.00 33.28
dishwashing liquid 4.00% 792.00 823.68
doormat 4.00% 69.00 71.76
mop 4.00% 201.00 209.04
broom 4.00% 540.00 561.60
pail 4.00% 60.00 62.40
fire extinguisher 4.00% 1,499.50 1,559.48
sponge 4.00% 240.00 249.60
trash can 4.00% 120 124.80
rags 4.00% 240 249.60
dust pan 4.00% 42 43.68
cleaning soap 4.00% 1,200 1,248.00
Maintenace Expense (VAT Inclusive) 5,155.50 5,361.72
Allocated to Factory 80% 4,124.40 4,289.38
Allocated to Office 20% 1,031.10 1,072.34

Schedule 9
Annual Depreciation of Property Plant and Equipment

Cost Input VAT

Factory Equipment 12%
gas tank 600
gas stove 1,200.00 128.57
blender 2,360.00 252.86
refrigerator 10,000.00 1,071.43
sealer 799.75 85.69
 14,959.75
Factory Furniture and Fixture
storage cabinet 5,850.00 626.79
wall fan 640.00 68.57
working table 5,000.00 535.71
Total 26,449.75 2769.62

Office Equipment
Computer 5,000.00 535.71
3-in-1 Printer 4,500.00 482.14
Office Furniture and Fixture
filing cabinet 2,240.00
Office table 730.00 78.21
Office chair 130.00 13.93
Wall fan 640.00 68.57
Wall clock 100.00 10.71
Mono block chair 650 69.64
Total 13,990.00 1,258.93

Schedule 10
Fringe Benefits
Monthly Salary SSS
Workers
2021 6,750.00 254.30
2022 6,993.00 254.30
2023 7,244.75 254.30
2024 7,505.56 272.50
2025 7,775.76 290.70
 Schedule 11
Indirect Materials
2021 2022

label 4% 141,120.00 146,764.80

packaging tape 4% 1,200.00 1,248.00
plastic jar 4% 144,000.00 149,760.00
plastic seal 4% 10,080.00 10,483.20
box 4% 4,800.00 4,992.00
Factory tools and supplies Inc. of VAT 301,200.00 313,248.00
Input VAT 12.00% 32,271.43 33,562.29
Factory tools and supplies Excl. of VAT 268,928.57 279,685.71

Schedule 12- Factory Tools and Supplies

2021 2022

apron 4.00% 40.00 41.60

double boiler 6,000.00 6,240.00
can opener 360.00 374.40
chopping board 160.00 166.40
food keeper 128.00 133.12
funnel 44.00 45.76
hairnet 150.00 156.00
knife 180.00 187.20
ladle 258.00 268.32
measuring spoon 268.00 278.72
plastic gloves 300.00 312.00
pot holder 16.00 16.64
spatula 66.00 68.64
spoons 30.00 31.20
trivets 20.00 20.80
Factory tools and supplies Inc. of VAT 8,020.00 8,340.80
Input VAT 12% 859.29 893.66
Factory tools and supplies Excl. of VAT 7,160.71 7,447.14

Schedule 13
Factory Overhead
2021 2022

Factory Rent Expense 68,571.43 68,571.43

Factory Maintenance Expense 4,124.40 4,289.38
Factory Utilities Expense 39,385.71 39,385.71
Factory Equipment and Furnitures-Depreciation 4,616.03 4,616.03
Indirect Materials 268,928.57 279,685.71
Employee benefits-Employer 27,908.60 28,880.60
Factory Tools and Suplies 7,160.71 7,447.14
Total Factory Overhead 420,695.46 432,876.00
Divided by: Annual Production 28,800 29,952
Factory Overhead per Unit 14.61 14.45

Schedule 14
Office Supplies
2021 2022

ballpen 150.00 156.00

bond paper 389.85 405.44
business receipt 45.00 46.80
calculator 464.00 482.56
envelope 50.00 52.00
folder 125.00 130.00
pencil 180.00 187.20
record book 130.00 135.20
scissors 105.00 109.20
sharpener 15.00 15.60
staple wires 180.00 187.20
stapler 414.00 430.56
carbon paper 80.00 83.20
Office Supplies Inclusive of VAT 2,327.85 2,420.96
Input VAT 12.00% 249.41 259.39
Office Supplies Exclusive of VAT 2,078.44 2,161.58

Schedule 15
Advertising Expense
2020 2021

flyers 500.00 482.00

Tarpaulin 2,700.00 2,602.80
Free Tasting 3,500.00 3,374.00
Trade Fair 5,000.00 4,820.00
product launching 5,000.00 4,820.00
Advertising Expense Inclusive of VAT 16,700.00 16,098.80
Input VAT 12% 1,789.29 1,724.87
Advertising Expense Exclusive of VAT 14,910.71 14,373.93

Schedule 16
Schedule of Profit Distribution Between Partners
2020 Partner 1 (MP) Partner 2

Salary
Remaining Profit/Loss 70,369.91 70,369.91
Total Share 70,369.91 70,369.91

2021
Salary - -
Remaining Profit/Loss 80,672.18 80,672.18
Total Share 80,672.18 80,672.18

2022
Salary
Remaining Profit/Loss 85,801.88 85,801.88
Total Share 85,801.88 85,801.88

2023
Salary
Remaining Profit/Loss 93,981.71 93,981.71
Total Share 93,981.71 93,981.71

2024
Salary
Remaining Profit/Loss 125,644.05 125,644.05
Total Share 125,644.05 125,644.05

NOTES to FINANCIAL
STATEMENTS
Note 1
Net Sales
2020 2021

Gross Sales 100% 1,668,168.53 1,784,247.81

Sales Inclusive of VAT 1,668,168.53 1,784,247.81
Output VAT 12% 178,732.34 191,169.41
Net Sales Exclusive of VAT 1,489,436.19 1,593,078.40

Note 2
Cost of Goods Sold
2020 2021

Direct Materials Used 491,933.83 536,994.97

Direct Labor 162,000.00 168,480.00
Factory Overhead 420,695.46 432,876.00
Total Manufacturing Cost 1,074,629.28 1,138,350.97
Add: Finished Goods Inventory Beginning - 10,746.29
Goods Available For Sale 1,074,629.28 1,149,097.26
Less: Finished Goods Inventory End 1% 10,746.29 11,490.97
Cost of Goods Sold 1,063,882.99 1,137,606.29

Note3
Operating Expenses
2020 2021

Selling Expenses
Advertising 14,910.71 14,373.93
Total Selling Expense 14,910.71 14,373.93
Administrative Expense
Depreciation-Office 1,958.93 1,958.93
Office Utilities 9,846.43 9,846.43
Bookkeeper's Salary 7000 84,000.00 84,000.00
Manager's Salary 8000 96,000.00 96,000.00
Maintenance Expense- Office 1,031.10 1,072.34
Office Supplies 2,078.44 2,161.58
Office Rent Expense 17,142.86 17,142.86
Total Administrative Expense 212,057.75 212,182.13
Operating Expenses 226,968.47 226,556.06
DULES

2023 2024 2025

18.48 19.04 24.80 Year

5.85 5.85 5.85 2021
14.88 14.73 14.58 2022
39.20 39.62 45.23 2023
15.68 15.85 18.09 2024
54.88 55.47 63.32 2025
6.59 6.66 7.60
61.47 62.12 70.92
6.15 6.21 7.09
67.62 68.34 78.01
Year
2021
2022
2023
2023 2024 2025 2024
2025
300 300 312
29,952 31,150 32,396
30,252 31,450 32,708
300 312 324
29,952 31,138 32,384

ATABLE)
 2023 2024 2025

356,964.34 386,092.63 417,597.79

7,465.88 7,761.56 8,072.02
120,363.91 125,178.47 130,185.60
11,101.49 11,541.10 12,002.75
112,913.85 122,127.62 132,093.23
11,218.30 12,133.71 202,080.18
620,027.77 664,835.10 902,031.58
66,431.55 71,232.33 96,646.24
553,596.22 593,602.76 805,385.34

d
2023 2024 2025

5,424.19 5,590.20 5,991.93

553,596.22 593,602.76 805,385.34
559,020.41 599,192.97 811,377.27
5,590.20 5,991.93 8,113.77
553,430.21 593,201.04 803,263.50
29,952 31,150 32,396
18.48 19.04 24.80

2023 2024 2025

2 2 2
 300 300 300
600 600 600
292.03 303.71 315.86
175,219.20 182,227.97 189,517.09
29,952 31,150 32,396
5.85 5.85 5.85

2023 2024 2025

96,000.00 96,000.00 96,000.00

10,285.71 10,285.71 10,285.71
85,714.29 85,714.29 85,714.29
68,571.43 68,571.43 68,571.43
17,142.86 17,142.86 17,142.86

2023 2024 2025

19,468.80 20,247.55 21,057.45

11,988.00 11,988.00 11,988.00
14,400.00 14,400.00 14,400.00
44,388.00 44,388.00 44,388.00
5,965.75 6,681.64 7,483.43
39,632.14 39,632.14 39,632.14
9,600.00 9,600.00 9,600.00
49,232.14 49,232.14 49,232.14
39,385.71 39,385.71 39,385.71
9,846.43 9,846.43 9,846.43
e
2023 2024 2025

129.79 134.98 140.38

34.61 36.00 37.44
856.63 890.89 926.53
74.63 77.62 80.72
217.40 226.10 235.14
584.06 607.43 631.72
64.90 67.49 70.19
1,621.86 1,686.73 1,754.20
259.58 269.97 280.77
129.79 134.98 140.38
259.58 269.97 280.77
45.43 47.24 49.13
1,297.92 1,349.84 1,403.83
5,576.19 5,799.24 6,031.21
4,460.95 4,639.39 4,824.96
1,115.24 1,159.85 1,206.24

edule 9
roperty Plant and Equipment

Exclusive of VAT Residual Value Useful Life (years) Annual Depreciation

1,071.43 5 214.29
2,107.14 5 421.43
8,928.57 5 1,785.71
714.06 5 142.81
 5,223.21 5 1,044.64
571.43 5 114.29
4,464.29 5 892.86
23,080.13 4,616.03

4,464.29 5 892.86
4,017.86 5 803.57

651.79 5 130.36
116.07 5
571.43 5 114.29
89.29 5 17.86
580.36
10,491.07 - 1,958.93

Philhealth PAG-IBIG 12Months benefit 13 month pay Total annual benefits

100.00 100.00 7,204.30 6,750.00 13,954.30

100.00 100.00 7,447.30 6,993.00 14,440.30
100.00 100.00 7,699.05 7,244.75 14,943.80
100.00 100.00 7,978.06 7,505.56 15,483.62
100.00 100.00 8,266.46 7,775.76 16,042.22
 2023 2024 2025

152,635.39 158,740.81 165,090.44

1,297.92 1,349.84 1,403.83
155,750.40 161,980.42 168,459.63
10,902.53 11,338.63 11,792.17
5,191.68 5,399.35 5,615.32
325,777.92 338,809.04 352,361.40
34,904.78 36,300.97 37,753.01
290,873.14 302,508.07 314,608.39

Tools and Supplies

2023 2024 2025

43.26 44.99 46.79

6,489.60 6,749.18 7,019.15
389.38 404.95 421.15
173.06 179.98 187.18
138.44 143.98 149.74
47.59 49.49 51.47
162.24 168.73 175.48
194.69 202.48 210.57
279.05 290.21 301.82
289.87 301.46 313.52
324.48 337.46 350.96
17.31 18.00 18.72
71.39 74.24 77.21
32.45 33.75 35.10
21.63 22.50 23.40
8,674.43 9,021.41 9,382.27
929.40 966.58 1,005.24
 7,745.03 8,054.83 8,377.02

2023 2024 2025

68,571.43 68,571.43 68,571.43

4,460.95 4,639.39 4,824.96
39,385.71 39,385.71 39,385.71
4,616.03 4,616.03 4,616.03
290,873.14 302,508.07 314,608.39
29,887.59 30,967.24 32,084.44
7,745.03 8,054.83 8,377.02
445,539.88 458,742.69 472,467.98
29,952 31,150 32,396
14.88 14.73 14.58

2023 2024 2025

162.24 168.73 175.48

421.66 438.53 456.07
48.67 50.62 52.64
501.86 521.94 542.81
54.08 56.24 58.49
135.20 140.61 146.23
194.69 202.48 210.57
140.61 146.23 152.08
113.57 118.11 122.84
16.22 16.87 17.55
 194.69 202.48 210.57
447.78 465.69 484.32
86.53 89.99 93.59
2,517.80 2,618.51 2,723.26
269.76 280.56 291.78
2,248.04 2,337.96 2,431.48

2022 2023 2024

464.65 447.92 431.80

2,509.10 2,418.77 2,331.70
3,252.54 3,135.44 3,022.57
4,820.00 4,646.48 4,479.21
4,646.48 4,479.21 4,317.96
15,692.76 15,127.82 14,583.22
1,681.37 1,620.84 1,562.49
14,011.40 13,506.99 13,020.73

ween Partners
Partner 3 Total

-
70,369.91 211,109.73
70,369.91 211,109.73

Total
- -
 80,672.18 242,016.55
80,672.18 242,016.55

Total
- -
85,801.88 257,405.63
85,801.88 257,405.63

Total
- -
93,981.71 281,945.13
93,981.71 281,945.13

Total
- -
125,644.05 376,932.14
125,644.05 376,932.14

FINANCIAL
MENTS

2022 2023 2024

1,841,128.81 1,934,436.92 2,296,626.10

1,841,128.81 1,934,436.92 2,296,626.10
 197,263.80 207,261.10 246,067.08
1,643,865.01 1,727,175.83 2,050,559.02

2022 2023 2024

553,430.21 593,201.04 803,263.50

175,219.20 182,227.97 189,517.09
445,539.88 458,742.69 472,467.98
1,174,189.29 1,234,171.70 1,465,248.57
11,490.97 11,856.80 12,460.29
1,185,680.27 1,246,028.50 1,477,708.85
11,856.80 12,460.29 14,777.09
1,173,823.46 1,233,568.22 1,462,931.76

2022 2023 2024

14,011.40 13,506.99 13,020.73

14,011.40 13,506.99 13,020.73

1,958.93 1,958.93 1,958.93

9,846.43 9,846.43 9,846.43
84,000.00 84,000.00 84,000.00
96,000.00 96,000.00 96,000.00
1,115.24 1,159.85 1,206.24
2,248.04 2,337.96 2,431.48
17,142.86 17,142.86 17,142.86
212,311.49 212,446.02 212,585.93
226,322.89 225,953.01 225,606.67
 NOTE 4
Income From Sale of By-Product

No. of Eggs Used Egg Whites (kg) Gross Income (Php13/kg)

28,800 950 12,350
29,952 984.62 12,800.06
29,952 1,020.06 13,260.78
31,150 1,056.79 13,738.27
32,396 1,094.84 14,232.92

Note 5
Interest Income
Principal Interest Rate Interest Income
70,000.00 0.25% 175.00
120,175.00 0.25% 300.44
170,475.44 0.25% 426.19
220,901.63 0.25% 552.25
271,453.88 0.25% 678.63
 Total Project Cost - for Two Months

Fixed Assets
Factory Equipment 14,959.75
Factory Furniture and Fixture 11,490.00
Office Equipment 9,500.00
Office Furniture and Fixture 4,490.00
Working Capital for Two Months
Direct Materials
Direct Labor
Factory Overhead
Indirect Materials 50,200.00
Rent Expense – Factory 12,800.00
Utilities Expense – Factory 1,799.60
Maintenance Expense – Factory 4,124.40
Supplies – Factory 8,020.00
SSS Contribution – Workers 1,017.20
Philhealth Contribution – Workers 400.00
PAG-IBIG Contribution 400.00
Administrative Expenses
Bookkeeper's Salary 14,000.00
Rent Expense – Office 3,200.00
Utilities Expense Office 7,198.40
Supplies – Office 2,327.85
Manager's Salary 16,000.00
Maintenance Expense office 1,031.10
Leasehold Improvements 15,010.00
Selling Expense
Advertising Expense 16,700.00
Total
Cash on Hand
Cash in Bank
Total Project Costs
s

40,439.75

92,755.20
27,000.00

78,761.20

58,767.35

16,700.00
314,423.50
45,576.50
20,000
380,000.00
 CRÈME J FOODS MANUFACTURING ENTERPRISE
Projected Income Statement
For the Years Ended December 2021-2025
Particulars Note 2021
Net Sales 1 1,489,436.19
Less: Cost of Goods Sold 2 1,063,882.99
Gross Profit 425,553.20
Less: Operating Expense
Selling Expense 14,910.71
Administrative Expense 212,057.75
Total Operating Expenses 3 226,968.47
Net Income from Sale of By-Product 4 12,350.00
Interest Income 5 175.00
Net Income 211,109.73
S MANUFACTURING ENTERPRISE
cted Income Statement
s Ended December 2021-2025
2022 2023 2024 2025
1,593,078.40 1,643,865.01 1,727,175.83 2,050,559.02
1,137,606.29 1,173,823.46 1,233,568.22 1,462,931.76
455,472.11 470,041.55 493,607.61 587,627.25

14,373.93 14,011.40 13,506.99 13,020.73

212,182.13 212,311.49 212,446.02 212,585.93
226,556.06 226,322.89 225,953.01 225,606.67
12,800.06 13,260.78 13,738.27 14,232.92
300.44 426.19 552.25 678.63
242,016.55 257,405.63 281,945.13 376,932.14