#11: Puget Sound Divers is a company that provides diving services such as underwater ship repairs to clients in the Puget Sound area. 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 ($400.00q) $ 160,000 ________________________________________ ________________________________________ Expenses: Wages and salaries ($11,500 + $128.00q) 62,700 Supplies ($3.00q) 1,200 Equipment rental ($2,100 + $21.00q) 10,500 Insurance ($4,100) 4,100 Miscellaneous ($500 + $1.46q) 1,084 ________________________________________ ________________________________________ Total expense 79,584 ________________________________________ ________________________________________ Net operating income $ 80,416 ________________________________________________________________________________ ________________________________________________________________________________ ________________________________________ Required: During May, the companys activity was actually 390 diving-hours. Complete the following flexible budget for that level of activity.