Use the following labor budget data for Roy & Miller Accounting, LLP. Partner Salaries $ 900,000 Partner Benefits (45%) 405,000 Total Partner Compensation $ 1,305,000 Staff Accountant Salaries $ 1,000,000 Staff Benefits (45%) 450,000 Total Staff Compensation $ 1,450,000 The budgeted overhead cost for the year is $2,975,400. The company has estimated that one-third of the budgeted overhead cost is incurred to support the firms two partners, and two-thirds goes to support the staff accountants. The current audit bid for Monoco Industries requires $22,000 in direct partner professional labor, $35,000 in direct staff accountant professional labor, $4,900 in direct material. If overhead is applied on the Monoco engagement based on a single-cost driver basis, what is the total cost of the engagement?

• $128,360

• $123,460

• $61,560

• $57,000

• $118,560