EXERCISE 9-1 Prepare a Flexible Budget L09-1 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). 100 Revenue ($365.00q). $36,500 Expenses: Wages and salaries ($8,000 + $125.00q). 20.500 Supplies ($3.000) 300 Equipment rental ($1.800 + $32.009). 5,000 Insurance ($3,400) 3.400 Miscellaneous ($630 + $ 1.800). 810 Total expense. 30,010 Net operating income. $ 6,490 EXERCISE 9-1 Prepare a Flexible Budget L09-1 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). 100 Revenue ($365.00q). $36,500 Expenses: Wages and salaries ($8,000 + $125.00q). 20.500 Supplies ($3.000) 300 Equipment rental ($1.800 + $32.009). 5,000 Insurance ($3,400) 3.400 Miscellaneous ($630 + $ 1.800). 810 Total expense. 30,010 Net operating income. $ 6,490