Exercise 9-1 (Algo) 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: Puget Sound Divers Planning Budget For the Month Ended May 31 Budgeted diving-hours (9) 300 Revenue ($400.009) $ 120,000 Expenses : Wages and salaries ($11,700 + $122.009) 48,300 Supplies ($4.00) 1,200 Equipment rental ($2,300 + $20.00) 8,300 Insurance ($4,100) 4,100 Miscellaneous ($520 + $1.509) 970 Total expense 62,870 Net operating income $ 57,130 During May, the company's actual activity was 290 diving-hours. Required: Prepare a flexible budget for May. (Round your answers to the nearest whole dollar.) 290 116,000 Puget Sound Divers Flexible Budget For the Month Ended May 31 Actual diving-hours Revenue $ Expenses: Wages and salaries Supplies Equipment rental Insurance Miscellaneous Total expense Net operating income $ 116,000