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 $ 172,000 Revenue ($430.009) Expenses: Wages and salaries ($11,900 + $120.00g) Supplies ($5.00g) Equipment rental ($2,400 + $25.009) Insurance ($4.000) Miscellaneous ($550 + $1.449) 59.900 2,000 12,400 4,000 1.126 79,426 $ 92,574 Total expense Net operating income 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.) 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 Actual diving-hours 390 $ 167,700 Revenue Expenses: Wages and salaries Supplies Equipment rental Insurance Miscellaneous Total expense Net operating income 0 $ 167,700