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) 250 Revenue ($460.00q) $ 115,000 Expenses: Wages and salaries ($11,800 + $130.00q) 44,300 Supplies ($5.00q) 1,250 Equipment rental ($2,300 + $25.00q) 8,550 Insurance ($3,900) 3,900 Miscellaneous ($500 + $1.48q) 870 Total expense 58,870 Net operating income $ 56,130 During May, the companys actual activity was 240 diving-hours. Required: Prepare a flexible budget for May.