100 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 (9) Revenue ($365.009) $ 36,500 Expenses : Wages and salaries ($8,000+ $125.009) 20, 500 Supplies (53.00) Equipment rental (51,880 - $32.689) 5.ee Insurance ($3,480) 3,400 Miscellaneous ($638 + $1.889) 810 Total expense 30.010 $ 6,490 Net operating income 300 During May, the company's actual activity was 105 diving-hours Required: Prepare a flexible budget for May Required: Prepare a flexible budget for May. 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