Exercise 3-37 Project Costing; Interior Decorating (LO 3-1, 3-8) 0.83 points Contemporary Trends is an interior decorating firm in Munich. The following costs were incurred in the firm's contract to redecorate the mayor's offices Direct material used Direct professional labor 4,500 euros 7,000 euros eBook The firm's budget for the year included the following estimates References Budgeted overhead Budgeted direct professional 400,000 euros 250,000 euros labor 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. (On the day this exercise was written the euro was valued at 1.2905 U.S. dollars.) Total contract cost euros