At Fox Furniture, employees are classified according to job title for workers compensation insurance premium computation purposes.

Required:

a. Based on the following payroll estimates as of January 1, what is the estimated workers' compensation insurance premium for the year 20XX?

b. The actual payroll for 20XX is listed below. What is the workers' compensation premium based on the actual payroll?

c. What is the difference between the actual and the estimated premiums?

(For all requirements, do not round intermediate calculations. Round your final answers to 2 decimal places.)

	Employee Classification	Rate per $100 of Payroll	Estimated Payroll for 20XX	Workers' Compensation Premium
a.	Sales Associate	$1.05	$227,380
	Loader	$3.10	$167,940
	Furniture Builder	$3.45	$121,490
	Total Premium
	Employee Classification	Rate per $100 of Payroll	Actual payroll for 20XX	Workers' Compensation Premium
b.	Sales Associate	$1.05	$245,324
	Loader	$3.10	$178,133
	Furniture Builder	$3.45	$126,109
	Total Premium
c.	Difference between actual and estimated premiums