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 (g) 300 $144,000 Revenue (5480.000) Expenses Wages and salaries ($11,900 + $126.009) Supplies ($4.000) Equipment rental ($2,000 + $26.000) Insurance ($3,800) Miscellaneous (5510 + $1.449) Total expense Net operating income 49,700 1,200 9,800 3.800 942 $ 78,558 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 number.) Puget Sound Divers Flexible Budget 21 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 number.) Puget Sound Divers Flexible Budget For the Month Ended May 31 Actual diving-hours 290 Revenue Expenses: Wages and salaries Supplies Equipment rental Insurance Miscellaneous 0 Total expense Net operating income $ 0