1 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: 6 points Puget Sound Divers Planning Budget For the Month Ended May 31 Budgeted diving-hours (9) 350 $147,000 eBook Revenue ($420.000) Expenses: Wages and salaries ($12,000 + $124.009) Supplies ($3.000) Equipment rental ($2,400 + $21.009) Insurance ($4,100) Miscellaneous ($510 + $1.449) Total expense Net operating income 55,400 1,050 9,750 4,100 1,014 71,314 $ 75,686 Hint Print During May, the company's actual activity was 340 diving-hours. References Required: Prepare a flexible budget for May. (Round your answers to the nearest whole dollar.) Puget Sound Divers Flexible Budget For the Month Ended May 31 Revenue Expenses Wages and salaries Supplies Equipment rental Insurance Miscellaneous Total expense Net operating income