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Determine the total cost to redecorate the mayor offices

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Reference no: EM13493292

Fine & Associates is an interior decorating firm in Tucson.  The following costs were incurred in a project to redecorate the mayor's offices:

Direct material

$  29,000

Direct professional labor

42,000

The firm's budget for the year included the following estimates:

Budgeted overhead

$800,000

Budgeted direct professional labor

640,000

Overhead is applied to contracts by using a predetermined overhead rate that is based on direct professional labor cost.  Actual professional labor during the year was $655,000 and actual overhead was $793,000.

Required:

A.     Determine the total cost to redecorate the mayor's offices.

B.     Calculate the under- or overapplied overhead for the year.  Be sure to label your answer.

 

 

 

 

Reference no: EM13493292

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