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 $135,000 Revenue ($450.000) Expenses Wages and salaries ($11,300 + $124.009) Supplies (54.009) Equipment rental ($2,300 + $25.000) Insurance ($3,800) Miscellaneous (5530 + $1.449) Total expense Net operating income 48,500 1,200 9,800 3,800 962 $ 70,738 During Moy, 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 Revenue Expenses . Insurance ($3,800) Miscellaneous ($530 + $1.449) Total expense Net operating income - puvu 3,800 962 64,262 $ 70,738 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 Revenue Expenses: Wages and salaries Supplies Equipment rental Insurance Miscellaneous Total expense 0 Net operating income $ 0