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eBook Print Item Professional labor cost budget for a service company Lundquist & Fretwell,...

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Accounting

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Professional labor cost budget for a service company
Lundquist & Fretwell, CPAs, offer three types of services to clients: auditing, tax, and small business accounting. Based on experience and projected growth, the following billable hours have been estimated for the year ending May 31,20Y8:
Billable Hours
\table[[Audit Department:,],[Staff,25,000],[Partners,6,000],[Tax Department:,40,000],[Staff,8,500]]
Small Business Accounting Department:
Staff
5,000
Partners
500
Based on the data provided above and assuming that the average compensation per hour for staff is $40 and for partners is $175, prepare a professional labor cost budget for each department for Lundquist & Fretwell, CPAS, for the year ending May 31,20 V8.
Lundquist & Fretwell, CPAs
Professional Labor Cost Budget
For the Year Ending December 31,20Y8
For the Year Ending December 31,20Y8
Line Item Description
Audit Department hours
Tax Department hours
Small Business Accounting Department hours
Total hours
Average compensation per hour
Total professional labor cost
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