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) 350 $157,500 Revenue ($450.000) Expenses: Wages and salaries ($11,500 + $122.00) Supplies ($3.00g) Equipment rental ($2,200 + $21.009) Insurance ($3,900) Miscellaneous ($510 + $1.449) Total expense Net operating income 54,200 1,050 9,550 3,900 1,014 69,714 $ 87,786 During May, the company's actual activity was 340 diving-hours. Required: Prepare a flexible budget for May (Round your answers to the nearest whole dollar.) Net operating income $ 87,786 During May, the company's actual activity was 340 diving-hours. Required: Prepare a flexible budget for May. (Round your answers to the nearest 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