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) Revenue ($450.00q) Expenses: Wages and salaries ($11,700 +$126.00q) Supplies ($4.009) Equipment rental ($2,100 +$23.00) Insurance ($4,000) Miscellaneous ($540 +$1.48q) Total expense Net operating income 200 $ 90,000 36,900 800 6,700 4,000 836 49,236 $ 40,764 During May, the company's actual activity was 190 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 Revenue Expenses: Wages and salaries Supplies Equipment rental Insurance Miscellaneous Total expense Net operating income 69 0 0