Exercise 8-1 Prepare a Flexible Budget [LO8-1] 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 ($400.00q) 200 $ 80,000 Expenses Wages and salaries ($11,600 +$130.00q) Supplies ($6.00q) Equipment rental ($2,300 +$22.00q) Insurance ($4,100) Miscellaneous ($540 $1.50g) 37,600 1,200 6,700 4,100 840 Total expense 50.440 Net operating income $ 29,560 Required: During May, the company's activity was actually 190 diving-hours. Complete the following flexible budget for that level of activity. (Round your answers to 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 0 $ 76,000