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. 100 $ 36,5ee Puget Sound Divers Planning Budget For the honth Ended May 31 Budgeted diving hours (@) Revenue (5365.009) Expenses: Wages and salaries ($8,000 + $125.009) Supplies ($3.000) Equipment rental (51,800 + $32.009) Insurance ($3,400) Miscellaneous (5630 - $1.809) Total expense Net operating income 20, 500 300 5,000 3,480 810 33,010 $ 6,490 During May, the company's actual activity was 105 diving hours Required: Prepare a flexible budget for May Required: Prepare a flexible budget for May. Puget Sound Divers Flexible Budget For the Month Ended May 31 Revenue Expenses: Wages and salaries Supplies Equipment rental Insurance Miscellaneous Total expense 0 Net operating income $ 0