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

Partner Salaries$700,000Partner Benefits (30%)210,000Total Partner Compensation$910,000Staff Accountant Salaries$700,000Staff Benefits (30%)210,000Total Staff Compensation$910,000

The budgeted overhead cost for the year is $1,747,200. 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 $15,000 in direct partner professional labor, $26,000 in direct staff accountant professional labor, $5,200 in direct material.

What is the overhead rate based on a single cost driver (rounded to the nearest percentage)?

Multiple Choice

• 77%
• 96%
• 250 %
• 95%
• 64%