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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 31 350 $ 147,000 Budgeted diving-hours (g) Revenue ($420.00g) Expenses: Wages and salaries ($11,500 + $126.00g) Supplies ($4.00g) Equipment rental ($2,100 + $24.00g) Insurance ($3,900) Miscellaneous ($530 + $1.44g) Total expense Net operating income 55,600 1,400 10,500 3,900 1,034 72,434 $ 74,566 During May, the company's actual activity was 340 diving-hours.