Question: Exercise 3-37 Project Costing; Interior Decorating (LO 3-1, 3-8) Design Arts Associates is an Interior decorating firm in Berlin. The following costs were incurred

Exercise 3-37 Project Costing; Interior Decorating (LO 3-1, 3-8) Design Arts Associates

Exercise 3-37 Project Costing; Interior Decorating (LO 3-1, 3-8) 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 Direct professional labor 2,500 euros 6,000 euros The firm's budget for the year included the following estimates: Budgeted overhead Budgeted direct professional labor 300,000 euros 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. Total contract cost euros

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