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

Partner Salaries$700,000

Partner Benefits (30%) 210,000

Total Partner Compensation$910,000

Staff Accountant Salaries$800,000

Staff Benefits (30%) 240,000

Total Staff Compensation$1,040,000

  • The budgeted overhead cost for the year is $1,638,000. 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 $23,000 in direct partner professional labor, $34,000 in direct staff accountant professional labor, $6,000 in direct material.

Question 1: If overhead is applied on the Monoco engagement based on two separate cost drivers, what is the cost of the engagement?

Reference no: EM132574537

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