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Puget Sound Divers is a company that provides diving services such as underwater ship repairs...

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Question

Accounting

Puget Sound Divers is a company that provides diving services such as underwater ship repairs to clients in the Puget Sound area. The companys planning budget for May appears below:

Puget Sound Divers Planning Budget For the Month Ended May 31
Budgeted diving-hours (q) 350
Revenue ($400.00q) $ 140,000
Expenses:
Wages and salaries ($11,600 + $128.00q) 56,400
Supplies ($5.00q) 1,750
Equipment rental ($2,300 + $24.00q) 10,700
Insurance ($4,100) 4,100
Miscellaneous ($540 + $1.42q) 1,037
Total expense 73,987
Net operating income $ 66,013

During May, the companys actual activity was 340 diving-hours.

Required:

Prepare a flexible budget for May.

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