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) Revenue ($440.000) 300 132,000 $ 48,600 Expenses: Wages and salaries ($11,400 + $124.009) Supplies ($6.000) Equipment rental ($2,100 + $23.000) Insurance ($3,900) Miscellaneous ($530 + $1.469) 1,800 9,000 3,900 968 64,268 Total expense Net operating income $ 67,732 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