Exercise 9-1 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) 300 $126,000 Revenue ($420.00g) Expensest Kages and salaries ($11,900 + $120.00) Supplies ($5.009) Equipment rental ($2,400 + $20.00) Insurance ($3,900) Miscellaneous ($510 + $1.449) Total expense 47,900 1,500 8,400 3,900 942 62,642 $ 63,358 Net operating income 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 dollar.) Puget Sound Divers Flexible Budget During May, the company's actual activity was 290 diving-hours. Required: Prepare a flexible budget for May. (Round your answers to the ne Puget Sound Divers Flexible Budget For the Month Ended May 31 Revenue and salaries Expenses: Wages and salaries Supplies Equipment rental Insurance Miscellaneous Miscellaneous Total expense Net operating income