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 | $ | 600,000 | |
| Partner Benefits (40%) | 240,000 | ||
| Total Partner Compensation | $ | 840,000 | |
| Staff Accountant Salaries | $ | 800,000 | |
| Staff Benefits (40%) | 320,000 | ||
| Total Staff Compensation | $ | 1,120,000 | |
The budgeted overhead cost for the year is $1,120,000. The company has estimated that one-third of the budgeted overhead 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 $16,000 in direct partner professional labor, $28,000 in direct staff accountant professional labor, $5,300 in direct material. What is the total budgeted compensation for both partners and staff accountants?
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