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 SO Budgeted diving-hours (a) ces Revenue ($460.000) Expenses: wages and salaries ($11,800 $128.000) Supplies ($6.000) Equipment rental ($2,100 + $23.000) Insurance ($3,900) Miscellaneous ($540 $1.480) Total expense Net operating income 250 $ 115,000 43,800 1,500) 7,850 3,900 910 57,960 $ 57,040 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 dollar.) Puget Sound Divers Flexible Budget Required: Prepare a flexible budget for May. (Round your answers to the nearest whole dollar.) Puget Sound Divers Flexible Budget For the Month Ended May 31 Actual diving-hours Revenue Expenses: Wages and salaries Supplies Equipment rental Insurance 240 110,400 Miscellaneous Total expense Net operating income 110,400