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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 ($420.00q) $ 147,000
Expenses:
Wages and salaries ($11,700 + $128.00q) 56,500
Supplies ($5.00q) 1,750
Equipment rental ($2,400 + $24.00q) 10,800
Insurance ($3,800) 3,800
Miscellaneous ($510 + $1.46q) 1,021
Total expense 73,871
Net operating income $ 73,129

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

Required:

Prepare a flexible budget for May.

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