Required: Prepare a flexible budget for May. (Round your answers to th 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 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: 250 $ 107,500 Puget Sound Divers Planning Budget For the Month Ended May 31 Budgeted diving-hours (q) Revenue ($430.009) Expenses: Wages and salaries ($11,100 + $128.00q) Supplies ($3.009) Equipment rental ($2,300 + $25.00q) Insurance ($4,000) Miscellaneous ($530 + $1.489) Total expense Net operating income 43,100 750 8,550 4,000 900 57,300 $ 50,200 During May, the company's actual activity was 240 diving-hours