But I think it is better suited for things like this cute bag made by Lorraine L.
It uses 2 balls of snowball yarn and a bit of other yarn for the handle and little flap.
The great thing is that I have the pattern for you! (Thanks for the tip Lorraine).
Find the pattern here! It's on the Lincraft website (together with heaps of other cool free patterns!)
(I like Lorraine's better than the original! The Lincraft bag looks like it's a corn on the cob!)