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) 350 $150,500 Revenue ($430.009) Expenses: Wages and salaries ($11,400 + $126.009) Supplies ($5.009) Equipment rental ($2,100 + $25.009) Insurance ($4,200) Miscellaneous ($500 + $1.509) Total expense Net operating income 55,500 1,750 10,850 4,200 1,025 73,325 $ 77,175 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.) Prepare a flexible budget for May. (Round your answers to the nearest whole dollar.) Puget Sound Divers Flexible Budget For the Month Ended May 31 Actual diving-hours Budgeted diving-hours Supplies Equipment rental Insurance Miscellaneous Total expense Net operating income