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) 400 $176,000 Revenue ($440.009) Expenses: Wages and salaries (511,000+ $122.000) Supplies ($5.009) Equipment rental ($2,300 + $21.009) Insurance ($4,100) Miscellaneous ($530 - $1.469) Total expense Net operating income 59,800 2,000 10,700 4,100 1, 114 77,724 $ 98,286 During May, the company's actual activity was 390 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 Mav ed May 31 Prev 1 of 6 !!! Next > Insurance ($4,100) Miscellaneous ($530 + $1.469) Total expense Net operating income 4,100 1,114 77,714 $ 98,286 During May, the company's actual activity was 390 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