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) 35e Revenue ($430.089) $150,500 Expenses: Wages and salaries ($11,800 + $126.689) 55,900 Supplies ($5.089) 1,750 Equipment rental ($2,300 + $25.00) 11,050 Insurance ($3,900) 3,900 Miscellaneous ($510 + $1.429) 1,087 Total expense 73,607 Net operating income $ 76,893 During May, the company's actual activity was 340 diving-hours. During May, the company's actual activity was 340 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