1. Eye for Detail is an interior decorating rm located in Sydney. The following costs were incurred in the lm's contract to redecorate the local council ofces: Direct material $ 5 dill} Professional labour 12 DD!) The firm's budget for the year included the following estimates: Budgeted overhead $30!] {10D Budgeted professional labour S Required: a} Calculate the total cost of the rm's contract to redecorate the council ofces. DVEI'hEBd is applied to contracts using a predetermined overhead rate, calculated annually, based on the professional labour cost. Materials are charged directly tot each contract. b} Use the total cost to calculate a service fee, assuming that the company adds a 4!} percent profit margin to total cost. c} Calculate the fee charged to redecorate the council offices, asstuning that the rm uses a chargeout rate of $360 per professional labour hour (which includes a prot margin of 4D percent) and 120 hours are worked on this contract. Materials are charged to the client at cost. d} Explain the key differences between the methods used in b) and c) for estimating client fees. e} Which method would you recommend for estimating client fees