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 $141,000 Revenue ($470.000) Expenses : Wages and salaries ($11,800 + $128.009) Supplies ($6.00q) Equipment rental ($2,200 + $23.00) Insurance ($4,000) Miscellaneous ($540 + $1.44) Total expense Net operating income 50,200 1,800 9,100 4,000 972 66,072 $ 74,928 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 For the Month Ended May 31 Revenue Expenses: Wages and salaries Supplies Equipment rental Insurance Miscellaneous Total expense Net operating income 0 0