Use the following labor budget data for Roy&Miller Accounting, LLP. Partner Salaries Partner Benefits (40%) Total Partner Compensation Staff Accountant Salaries Staff Benefits (40%) Total Staff Compensation51,490,e08 s 8e0,000 320,000 $1,000,000 400,000 $1,400,00e The budgeted overhead cost for the year is $2,318,400. 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 $24,000 in direct partner professional labor, $35,000 in direct staff accountant professional labor, $4,000 in direct material What is the overhead rate for partners, if separate rates are used for partners and staff accountants? Multiple Choice 92%