Use the following labor budget data for Roy & Miller Accounting, LLP. Partner Salaries 400,000 Partner Benefits (45%) 180,000 Total Partner Compensation 580,000 Staff Accountant Salaries 600,000 Staff Benefits (45%) 270,000 Total Staff Compensation 870,000 The budgeted overhead cost for the year is $1,566,000. 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 $17,000 in direct partner professional labor, $29,000 in direct staff accountant professional labor, $4,400 in direct material. If overhead is applied on the Monoco engagement based on a single-cost driver basis, what is the total cost of the engagement? Explanation Partner + Staff direct labor x single predetermined rate $46,000 x 108% = $49,680; DM + DL + OH = Applied overhead using single cost driver; $4,400 + $46,000 + $49,680 = $100,080