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 (q) 100 36,500 Revenue ($365.e0q) Expenses: Wages and salaries ($8,800 $125.00q) Supplies ($3.00q) Equipment rental ($1,800 $32.00q) Insurance ($3,400) Miscellaneous ($630$1.88q) 20,508 300 5,000 3,400 810 30,010 6,490 Total expense Net operating income During May, the company's actual activity was 105 diving hours