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 $ 114,000 Revenue ($380.899) Expenses : Wages and salaries ($11,820 + $122.00) Supplies ($5.889) Equipment rental ($2,500 + $25.99) Insurance ($3,980) Miscellaneous ($518 + $1.469) Total expense Net operating income 48, 4ee 1,500 10, eee 3,900 948 64,748 $ 49, 252 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 Revenue Expenses: Wages and salaries Supplies Equipment rental Insurance Miscellaneous Total expense Net operating income 69 0