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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, 2048: Billable Hours Audit Department: Staff 25,000 Partners 6,000 Tax Department: Staff 40,000 8,500 Partners 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, 20Y8. Lundquist & Fretwell, CPAS Professional Labor Cost Budget For the Year Ending December 31, 2018 Staff Partners Audit Department hours Tax Department hours Small Business Accounting Department hours Total hours Average compensation per hour X $ X $1 Total professional labor cost $