1 Exercise 9-1 Prepare a Flexible Budget [LO9-1] 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: 10 Puget Sound Divers Planning Budget For the Month Ended May 31 points Skipped Budgeted diving-hours (q) 100 Revenue ($365.00g) Expenses: Wages and salaries ($8,000 + $125.00q) Supplies ($3.00g) Equipment rental ($1,800 + $32.00q) Insurance ($3,400) Miscellaneous ($630 + $1.80q) Total expense $36,500 ook 20,500 300 Hint 5,000 3,400 810 30,010 References $6,490 Net operating income 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 0 $ 0 Net operating income TTI