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 Diversi Planning Budget For the Month Ended May 31 Budgeted diving-hours (q) Revenue ($380.000) Expenses: Wages and salaries ($11, 800 $126.000) Supplies (55.00g): Equipment rental ($2,100 Insurance ($3,900) $20.000) Miscellaneous (5500 +$1.440) Total expense Net operating income 300 $ 114,000. 49,000 1,500 8,100 3,900 932 64,032 $ 49,968 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.) 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 290 Revenue es Expenses: Wages and salaries Supplies Equipment rental Insurance Miscellaneous Total expense Net operating income