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) 250 $ 107,500 Revenue ($430.00) Expenses: Wages and salaries ($11,800 + $124.00q) Supplies ($5.00) Equipment rental ($2,100 + $23.00) Insurance ($3,900) Miscellaneous ($550 + $1.449) Total expense Net operating income 42,800 1,250 7,850 3,900 910 56,710 $ 50, 790 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