Exercise 10-1 Prepare a Flexible Budget LO10-1 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: Puget Sound Divers Planning Budget For the Month Ended May 31 Budgeted diving-hours (q) Revenue (S400.00q) Expenses: 200 S 80,000 Wages and salaries ($11,800 $122.00q) Supplies ($5.00q) Equipment rental ($2,200+ $21.00q) Insurance ($4,200) Miscellaneous ($530 $1.50q) 36,200 1,000 6,400 4,200 830 48,630 Total expense Net operating income 31,370 Required During May, the company's activity was actually 190 diving-hours. Complete the following flexible budget for that level of activity. (Round your final answer to nearest dollar amount.) Puget Sound Divers Flexible Budget For the Month Ended May 31 Revenue Expenses: Wages and salaries Supplies Equipment rental Insurance Total expense Net operating income