Reference no: EM132319545
Question
Use the following labor budget data for Roy & Miller Accounting, LLP.
Partner Salaries $800,000
Partner Benefits (40%) 320,000
Total Partner Compensation $1,120,000
Staff Accountant Salaries $1,000,000
Staff Benefits (40%) 400,000
Total Staff Compensation $1,400,000
The budgeted overhead cost for the year is $1,400,000. 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, $5,500 in direct material.
What is the total budgeted compensation for both partners and staff accountants?
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: The current audit bid for Monoco Industries requires $18,000 in direct partner professional labor, $30,000 in direct staff accountant professional labor.
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