Based on the data in Exercise 21–6 Jeffries and Valdez, and assuming that the average compensation per hour for staff is $50 and for partners is $150, prepare a professional labor cost budget for Jeffries and Valdez, CPAs, for the year ending December 31, 2006. Use the following column headings:
Billable Hours
Audit Department:
Staff . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,500
Partners . . . . . . . . . . . . . . . . . . . . . . . . . 4,800
Tax Department:
Staff . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28,700
Partners . . . . . . . . . . . . . . . . . . . . . . . . . 3,950
Computer Consulting Department:
Staff . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,600
Partners . . . . . . . . . . . . . . . . . . . . . . . . . 5,700
Billable Hours Required
Staff Partners