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 ($470.000) 350 $164,500 54,500 Expenses: Wages and salaries ($11,100 + $124.00) Supplies ($6.00) Equipment rental ($2,200 + $20.00) Insurance ($3,900) Miscellaneous ($540 + $1.50) 2.100 9,200 3,900 1,065 Total expense 70,765 Net operating income $93,735 Required: During May, the company's activity was actually 340 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