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Use the following labor budget data for Roy & Miller Accounting, LLP. ...

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Accounting

Use the following labor budget data for Roy & Miller Accounting, LLP.

Partner Salaries $ 800,000
Partner Benefits (40%) 320,000
Total Partner Compensation $ 1,120,000
Staff Accountant Salaries $ 1,000,000
Staff Benefits (40%) 400,000
Total Staff Compensation $ 1,400,000

The budgeted overhead cost for the year is $2,318,400. The company has estimated that one-third of the budgeted over-head cost is incurred to support the firms two partners, and two-thirds goes to support the staff accountants. The current audit bid for Monoco Industries requires $24,000 in direct partner professional labor, $35,000 in direct staff accountant professional labor, $4,000 in direct material. What is the overhead rate for staff accountants, if separate rates are used for partners and staff accountants?

Multiple Choice

  • 55%

  • 69%

  • 66.2%

  • 110.4%

  • 138%

Answer & Explanation Solved by verified expert
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