Puget Sound Divers provides diving services, such as underwater ship repairs, to its clients. The...
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Puget Sound Divers provides diving services, such as underwater ship repairs, to its clients. The companys planning budget for May appears below: Puget Sound Divers Planning Budget For the Month Ended May 31 Budgeted diving-hours (q) 400 Revenue ($430.00q) $ 172,000 Expenses: Wages and salaries ($11,600 + $122.00q) 60,400 Supplies ($6.00q) 2,400 Equipment rental ($2,300 + $23.00q) 11,500 Insurance ($4,000) 4,000 Miscellaneous ($500 + $1.46q) 1,084 Total expenses 79,384 Net operating income $ 92,616 During May, the companys actual activity was 390 diving-hours. Required: Prepare a flexible budget for May
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