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) 350 $164,500 S Revenue ($470.000) Expenses: Wages and salaries ($11,200 + $124.009) Supplies ($4.009) Equipment rental ($2,300 + $24.009) Insurance ($3,900) Miscellaneous ($540 + $1.429) Total expense 54,600 1,400 10,700 3,900 1,037 71,637 $ 92,863 Net operating income 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.) 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 Budgeted diving-hours 340 nue $ 159,800 Expenses: Wages and salaries Supplies Equipment rental Insurance Miscellaneous Total expense 0 Net operating income $ 159,800