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) 350 $140,000 56,600 1,400 Revenue ($400.009) Expenses: Wages and salaries ($11,800 + $128.00) Supplies ($4.009) Equipment rental ($2,400 + $24.009) Insurance ($3,900) Miscellaneous ($510 + $1.469) Total expense Net operating income 10,800 3,900 1,021 73,721 $ 66, 279 During May, the company's actual activity was 340 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