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 ($380.009) Expenses: Wages and salaries ($11,300 + $126.00) Supplies ($6.009) Equipment rental ($2,200 + $24.00) Insurance ($4,100) Miscellaneous ($550 + $1.489) Total expense Net operating income 49, 100 1,800 9,400 4,100 994 65,394 $ 48,606 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 0 Net operating income $ 0