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, 20Y8: Audit Department: Staff Partners Tax Department: Staff Partners Small Business Accounting Department: Billable Hours 25,000 6,000 40,000 8,500 Staff Partners 5,000 500 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, 2018. Lundquist & Fretwell, CPAs Professional Labor Cost Budget For the Year Ending December 31, 20Y8 Audit Department hours Tax Department hours Small Business Accounting Department hours Total hours Staff Partners Average compensation per hour x $ x $ Total professional labor cost