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 (9) 250 $107,500 Revenue ($430.009) Expenses : Wages and salaries ($11,500 + $130.009) Supplies ($4.909) Equipment rental ($2,100 + $26.009) Insurance ($4,000) Miscellaneous ($530 + $1.429) Total expense Net operating income 44,000 1,000 8,600 4,000 885 58,485 $ 49,015 During May, the company's actual activity was 240 diving-hours. Required: Prepare a flexible budget for May. (Round your answers to the nearest whole number.) Answer is complete but not entirely correct. Puget Sound Divers Flexible Budget For the Month Ended May 31 Actual diving-hours 250 X Revenue $ 107,500 X Expenses: Wages and salaries Supplies Equipment rental 44,000 X 1,000 8,600 X 4,000 885 X Insurance Miscellaneous Total expense 58,485 Net operating income 49,015