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 (C) Revenue ($450.000) 250 $ 112,500 42.800 Expenses: Wages and salaries ($11,300 + $126.000) Supplies ($3.000) Equipment rental ($2,400 + $23.000) Insurance ($4,100) Miscellaneous ($510 + $1.469) 750 8,150 4.100 875 56,675 Total expense Net operating income $ 55,825 Required: During May, the company's activity was actually 240 diving-hours. Complete the following flexible budget for that level of activity. 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