Create a journal entry for:

Project 2022-01. Project 2022-02

Direct Materials costs: $106,550. $127,450

Direct Labor Costs: $36,250. $41,130

Direct Labor Hours: 970 hours. 1,000 hours

Sales Price: $250,000. $280,000

Assuming that the following:

1: The company uses normal costing,

2.Direct materials and direct labor are paid for on a contract basis.

3.All expenses, including overhead, can be entered via summary journal entries dated at the end of the year.

4.All job-related costs can be entered directly into the cost of goods sold account since the jobs are completed and sold.