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-hour (9) 400 $156,000 Revenue ($390.009) Expennes Wages and salaries ($11,600 + $120.00) Supplies ($3.000) Equipment rental ($2,200 + $21.009) Insurance ($4,100) Miscellaneous ($540$1.469) Total expense Net operating Income 62,800 1,200 10,600 4,100 1,124 79, 824 $ 76,176 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 number.) Puget Sound Divers Flexible Budget For the Month Ended May 31 Actual diving-hours Revenue Expenses: Wages and salaries Supplies Equipment rental Insurance Miscellaneous Total expense 0 Net operating income $ 0