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) 350 Revenue ($470.80) $164,500 Expenses: Wages and salaries ($11,100 $126.000) 55,200 Supplies ($5.00) 1,750 Equipment rental (52,108 + $21.009) 9,450 Insurance (54,100) 4,100 Miscellaneous (5520 - $1.500) 1.045 Total expense 71,545 Net operating income $ 92,955 During May, the company's actual activity was 340 diving hours. Required: Prepare a flexible budget for May. (Round your answers to the nearest whole dollar.) Answer is complete but not entirely correct. Puget Sound Divers Required: Prepare a flexible budget for May. (Round your answers to the Answer is complete but not entirely correct. Puget Sound Divers Flexible Budget For the Month Ended May 31 Budgeted diving-hours x 350 X Revenue $ 164,500 Expenses: Wages and salaries 55,200 X Supplies 1,750 X Equipment rental 9,450 X Insurance 4,100 Miscellaneous 1,045 X Total expense Net operating income 71,545 $ 92,955 aw 11