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) 250 Revenue ($470.089) $ 117,500 Expenses: Wages and salaries ($11,800 $122.00) 42,300 Supplies ($4.000) 1,000 Equipment rental ($2,200 - $20.000) 7,200 Insurance ($4,200) 4,200 Miscellaneous ($530 + $1.469) Total expense 55,595 Net operating income $ 61,985 895 During May, the company's actual activity was 240 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 Net operating income $ 0