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 (q) 350 Revenue ($400.009) Expenses: Wages and salaries ($11,900 + $122.009) Supplies ($5.009) Equipment rental ($2,100 +$21.00) Insurance ($3,900) Miscellaneous ($530 +$1.48q) Total expense Net operating income $ 140,000 54,600 1,750 9,450 3,900 1,048 70,748 $ 69,252 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 0 Net operating income $ 0