Professional Labor Cost Budget for a Service CompanyLundquist & Fretwell, CPAs, offer three types of services to clients: auditing, tax, and small business accounting. Based on experience and projected growth, the following billable hours have been estimated for the year ending May 31, 20Y8: Billable HoursAudit Department:  Staff25,000  Partners6,000 Tax Department:  Staff40,000  Partners8,500 Small Business Accounting Department:  Staff5,000  Partners500 Based on the data provided above and assuming that the average compensation per hour for staff is $40 and for partners is $175, prepare a professional labor cost budget for each department for Lundquist & Fretwell, CPAs, for the year ending May 31, 20Y8.Lundquist & Fretwell, CPAs
Professional Labor Cost Budget
For the Year Ending December 31, 20Y8
StaffPartnersAudit Department hoursfill in the blank 1fill in the blank 2Tax Department hoursfill in the blank 3fill in the blank 4Small Business Accounting Department hoursfill in the blank 5fill in the blank 6Total hoursfill in the blank 7fill in the blank 8Average compensation per hourx $fill in the blank 9x $fill in the blank 10Total professional labor cost$fill in the blank 11$fill in the blank 12

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