Puget Sound Divers is a company that provides diving services such as underwater ship repairs to clients in the Puget Sound are The company's planning budget for May appears below: Puget Sound Divers Planning Budget For the Month Ended May 31 Budgeted diving-hours (9) Rectangular Snip 180 $ 36,500 Revenue ($365.ee) Expenses: Wages and salaries ($8,809 + $125.889) Supplies ($3.089) Equipment rental ($1,898 + $32.809) Insurance ($3,400) Miscellaneous ($630 + $1.8eq) Total expense Net operating income 20,580 389 5,000 3,480 810 30,910 $ 6,490 During May, the company's actual activity was 105 diving-hours. 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 Net operating income