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 $164, eee Revenue ($410.ee) Expenses: Wages and salaries ($11, eee + $122.689) Supplies ($4.009) Equipment rental ($2,400 + $23.609) Insurance ($3,800) Miscellaneous ($540 + $1.489) Total expense Net operating income 59, see 1,600 11,6ee 3, see 1,132 77,932 $ 86,868 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