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 (9) 250 Revenue ($400.000) 5 100.000 Expenses: Wages and salaries ($11,300 + $120.00) 41,300 Supplion ($4.000) 1,000 Equipment rental ($2,300 $23.004) 3,050 Insurance ($3,800) 3,800 Miscellaneous ($530+ $1.489) 900 Total expense 55,050 $ 44,950 Net operating income During May, the company's actual activity was 240 diving-hours. Equipment rental ($2,300 + $23.009) Insurance ($3,800) Miscellaneous ($530 + $1.489) Total expense Net operating income 8,050 3,800 900 55,050 $ 44,950 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 number.) Puget Sound Divers Flexible Budget For the Month Ended May 31 Revenue Expenses: Wages and salaries Supplies Equipment rental Insurance Miscellaneous 0 Total expense $ 0 Net operating income