Use the following labor budget data for Roy & Miller Accounting, LLP. Partner Salaries$400,000 Partner Benefits (40%) 160,000 Total Partner Compensation$560,000 Staff Accountant Salaries$600,000 Staff Benefits (40%) 240,000 Total Staff Compensation$840,000 The budgeted overhead cost for the year is $1,260,000. 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, $5,000 in direct material.What is the total budgeted compensation for both partners and staff accountants?
A. $600,000
B. $1,400,000
C. $1,000,000
D. $1,160,000
E. None of these answers is correct.
Answer: B
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