Use the following labor budget data for Roy & Miller Accounting, LLP.

Partner Salaries

$

400,000

Partner Benefits (40%)

160,000

Total Partner Compensation

$

560,000

Staff Accountant Salaries

$

600,000

Staff Benefits (40%)

240,000

Total Staff Compensation

$

840,000

The budgeted overhead cost for the year is $1,260,000. The company has estimated that one-third of the budgeted overhead cost is incurred to support the firm's two partners, and two-thirds goes to support the staff accountants. The current audit bid for Monoco Industries requires $18,000 in direct partner professional labor, $30,000 in direct staff accountant professional labor, $5,000 in direct material.

What is the total budgeted compensation for both partners and staff accountants? Answer is $1,400,000. What are the steps to get answer?

Thanks