Preparing a revenue budget}

Gray and Bonawitz, CPAs, budgeted for the following professional labor hours for the coming year: partners, 1,500; managers, 5,000; and staff, 20,000 . Budgeted billing rates are: partners, \(\$ 250\) per hour; managers, \(\$ 120\) per hour; and staff accountants, \(\$ 80\) per hour.

Prepare a revenue budget for the year ending December 31, 2008.