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 $31,20$Y$8$:

Line Item DescriptionBillable HoursAudit Department:$$Staff$25,000$Partners$6,000$Tax Department:$$Staff$40,000$Partners$8,500$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 $31,20$Y$8.$

Lundquist & Fretwell, CPAs

Professional Labor Cost Budget

For the Year Ending December $31,20$Y$8$Line Item DescriptionStaffPartnersAudit Department hoursAudit Department hoursAudit Department hoursTax Department hoursTax Department hoursTax Department hoursSmall Business Accounting Department hoursSmall Business Accounting Department hoursSmall Business Accounting Department hoursTotal hoursTotal hoursTotal hoursAverage compensation per hourx $Average compensation per hourx $Average compensation per hourTotal professional labor cost$Total professional labor cost$Total professional labor cost