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) 250 $117,500 + + Revenue ($470.000) Expenses: Wages and salaries ($11,000 + $122.000) Supplies ($5.000) Equipment rental ($2,200 + $24.000) Insurance ($4,000) Miscellaneous ($540 + $1.489) Total expense Net operating income 41,500 1,250 8,200 4,000 910 55,860 $ 61,640 + During May, the company's actual activity was 240 diving-hours. Required: 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 Revenue Expenses: Wages and salaries Supplies Equipment rental Insurance Miscellaneous Total expense Net operating income 0 01