Puget Sound Divers is a company that provides diving services such as underwater ship repairs to clients in the Puget Sound area. The companys planning budget for May appears below: Puget Sound Divers Planning Budget For the Month Ended May 31 Budgeted diving-hours (q) 350 Revenue ($460.00q) $ 161,000 Expenses: Wages and salaries ($11,500 + $126.00q) 55,600 Supplies ($5.00q) 1,750 Equipment rental ($2,000 + $24.00q) 10,400 Insurance ($3,900) 3,900 Miscellaneous ($540 + $1.48q) 1,058 Total expense 72,708 Net operating income $ 88,292 During May, the companys actual activity was 340 diving-hours. Required: Prepare a flexible budget for May