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 (a) Revenue ($390.000 300 117,000 Expenses: Wages and salaries ($11,200 + $122.000) Supplies ($5.00) Equipment rental ($2,300 + $22.000) Insurance ($4,100) Miscellaneous ($510 + $1.480) 47,800 1,500 8.900 4,100 954 Total expense 63,254 Net operating income $53,746 Required: During May, the company's activity was actually 290 diving-hours. Complete the following flexible budget for that level of activity Required: During May, the company's activity was actually 290 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