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 Revenue ($420.009) Expenses: Wages and salaries ($11,200 $126.000) Supplies ($4.00q) For the Month Ended May 311 Budgeted diving-hours (a) 250 $ 105,000 42,700 1,000 7,400 4,000 920 56,020 $ 48,980 Equipment rental ($2,400 +$20.00) Insurance ($4,000) Miscellaneous ($550 +$1.48q) Total expense Net operating income 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 Actual diving-hours Revenue Expenses: Wages and salaries Supplies Equipment rental Insurance Miscellaneous Total expense 0 Net operating income $ 0