Design Arts Associates is an interior decorating firm in Berlin. The following costs were incurred in the firms contract to redecorate the mayors offices.Direct material used $.........................................................................................................................................3,500$ euros Direct professional labor $..................................................................................................................................6,000$ eurosThe firms budget for the year included the following estimates:Budgeted overhead $...................................................................................................................................400,000$ euros Budgeted direct professional labor $...........................................................................................................250,000$ eurosOverhead 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 firms contract to redecorate the mayors offices. $($Remember to express your answer in terms of euros.$)$