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 Budgeted diving-hours (g) Revenue ($390.00g) Expenses: Wages and salaries ($11,600 + $120.00g) Supplies ($4.00g) For the Month Ended May 31 300 $ 117,000 47,600 1,200 9,800 4,100 962 63,662 $ 53,338 Equipment rental ($2,300 + $25.00g) Insurance ($4,100) Miscellaneous ($530 +$1.44q) Total expense Net operating income During May, the company's actual activity was 290 diving-hours.