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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 ($410.00q) $ 143,500
Expenses:
Wages and salaries ($11,200 + $128.00q) 56,000
Supplies ($4.00q) 1,400
Equipment rental ($2,100 + $22.00q) 9,800
Insurance ($4,100) 4,100
Miscellaneous ($520 + $1.48q) 1,038
Total expense 72,338
Net operating income $ 71,162

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

Required:

Prepare a flexible budget for May

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