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

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

Puget Sound Divers
Planning Budget
For the Month Ended May 31
Budgeted diving-hours (q) 350
Revenue ($390.00q) $ 136,500
Expenses:
Wages and salaries ($11,600 + $126.00q) 55,700
Supplies ($5.00q) 1,750
Equipment rental ($2,000 + $23.00q) 10,050
Insurance ($4,200) 4,200
Miscellaneous ($520 + $1.46q) 1,031
Total expense 72,731
Net operating income $ 63,769

During May, the company’s actual activity was 340 diving-hours.

Required:

Prepare a flexible budget for May.

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Answer #1
Actual diving hours 340
Revenue (390*340) 132,600
Expenses
Wages (126*340)+11600 54,440
Supplies 1700
Equipment 9820
Insurance 4200
Miscellaneous 1016
Total expense 71,176
Net operating income 61,424

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