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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) 250
Revenue ($470.00q) $ 117,500
Expenses:
Wages and salaries ($11,800 + $122.00q) 42,300
Supplies ($3.00q) 750
Equipment rental ($2,000 + $22.00q) 7,500
Insurance ($4,100) 4,100
Miscellaneous ($500 + $1.48q) 870
Total expense 55,520
Net operating income $ 61,980

Required:

During May, the company’s activity was actually 240 diving-hours. Complete the following flexible budget for that level of activity

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Answer #1

The flexible budget is shown below:

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