Exercise 9-1 (Algo) Prepare a Flexible Budget (L09-1] 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: Puget Sound Divers - Planning Budget For the Month Ended May 31 Budgeted diving-hours (9) 400 $156,000 Revenue ($390.009) Expenses: Wages and salaries ($11,200 + $124.00) Supplies ($5.009) Equipment rental ($2,300 + $24.009) Insurance ($4,000) Miscellaneous ($520 + $1.489) Total expense Net operating income 60,800 2,000 11,900 4,000 1,112 79,812 $ 76,188 During May, the company's actual activity was 390 diving-hours. Required: Prepare a flexible budget for May. (Round your answers to the nearest whole number.) 5 Puget Sound Divers Flexible Budget For the Month Ended May 31 Revenue Expenses: Wages and salaries Prey 1 nr 5 Next wy... (www.**.vuy) Insurance ($4,000) Miscellaneous ($520 + $1.489) Total expense Net operating income 4,000 1,112 79,812 $ 76,188 During May, the company's actual activity was 390 diving-hours, Required: Prepare a flexible budget for May. (Round your answers to the nearest whole number.) Puget Sound Divers Flexible Budget For the Month Ended May 31 Revenue Expenses: Wages and salaries Supplies Equipment rental Insurance Miscellaneous Total expense $ 0 Net operating income