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

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Accounting

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

Partner Salaries $ 600,000
Partner Benefits (40%) 240,000
Total Partner Compensation $ 840,000
Staff Accountant Salaries $ 800,000
Staff Benefits (40%) 320,000
Total Staff Compensation $ 1,120,000

The budgeted overhead cost for the year is $1,120,000. The company has estimated that one-third of the budgeted overhead cost is incurred to support the firms two partners, and two-thirds goes to support the staff accountants. The current audit bid for Monoco Industries requires $16,000 in direct partner professional labor, $28,000 in direct staff accountant professional labor, $5,300 in direct material. What is the total budgeted compensation for both partners and staff accountants?

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