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 $161,000 Revenue ($460.009) Expenses : Wages and salaries ($11,200 + $126.009) Supplies ($5.009) Equipment rental ($2,100 + $25.009) Insurance ($3,900) Miscellaneous ($520 + $1.469) Total expense Net operating income 55,300 1,750 10,850 3,900 1,031 72,831 $ 88,169 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 0 GA 0