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) 300 Revenue ($420.00) $126,000 Expenses Wages and salaries ($11,100 + $128.00) 49,500 Supplies ($5.00) 1,500 Equipment rental ($2,300 + $23.009) 9,260 Insurance ($3,900) 3,900 Miscellaneous ($520 + $1.509) 970 Total expense 65,070 Net operating income $ 60,930 During May, the company's actual activity was 290 diving-hours. Required: Prepare a flexible budget for May (Round your answers to the nearest whole dollar.) Answer is complete but not entirely correct. Puget Sound Divers Flexible Budget For the Month Ended May 31 Actual diving hours 290 Required: Prepare a flexible budget for May (Round your answers to the nearest whole dollar.) Answer is complete but not entirely correct. Puget Sound Divers Flexible Budget For the Month Ended May 31 Actual diving-hours 290 Revenue $ 121,800 Expenses: Wages and salaries Supplies Equipment rental Insurance Miscellaneous Total expense Net operating income 48,620 870 9,350 4,000 933 63,773 58,027 S