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What is the total budgeted compensation for staff accountant

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

Partner Salaries$500,000

Partner Benefits (45%) 225,000

Total Partner Compensation$725,000

Staff Accountant Salaries$700,000

Staff Benefits (45%) 315,000

Total 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.

Question 1: What is the total budgeted compensation for both partners and staff accountants?

Reference no: EM132574530

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