Question: Use the following labor budget data for Roy & Miller Accounting, LLP. Partner Salaries $ 900,000 Partner Benefits (30%) 270,000 Total Partner Compensation $ 1,170,000

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


Partner Salaries	$	900,000
Partner Benefits (30%)		270,000
Total Partner Compensation	$	1,170,000
Staff Accountant Salaries	$	1,200,000
Staff Benefits (30%)		360,000
Total Staff Compensation	$	1,560,000

The budgeted overhead cost for the year is $2,457,000. 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 $25,000 in direct partner professional labor, $36,000 in direct staff accountant professional labor, $4,100 in direct material. What is the overhead rate for partners, if separate rates are used for partners and staff accountants?

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