Project Costing; Interior Decorating
Design Arts Associates is an interior decorating firm in Berlin. The following costs were incurred in the firm's contract to redecorate the mayor's offices.
Direct material used | 3,500 euros |
Direct professional labor | 6,000 euros |
The firm's budget for the year included the following estimates:
Budgeted overhead | 400,000 euros |
Budgeted direct professional labor | 250,000 euros |
Overhead is applied to contracts using a predetermined overhead rate calculated annually. The rate is based on direct professional labor cost.
Required: Calculate the total cost of the firm's contract to redecorate the mayor's offices. (Remember to express your answer in terms of euros.)
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