Question
Use the following labor budget data for Roy & Miller Accounting, LLP. Partner Salaries$500,000Partner Benefits (45%)225,000Total Partner Compensation$725,000Staff Accountant Salaries$700,000Staff Benefits (45%)315,000Total Staff Compensation$1,015,000 The
Use the following labor budget data for Roy & Miller Accounting, LLP.
Partner Salaries$500,000Partner Benefits (45%)225,000Total Partner Compensation$725,000Staff Accountant Salaries$700,000Staff Benefits (45%)315,000Total Staff Compensation$1,015,000
The budgeted overhead cost for the year is $1,015,000. 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, $4,500 in direct material.
What is the total budgeted compensation for both partners and staff accountants?
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