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 $168,000 Revenue ($480.00) Expenses: Wages and salaries ($11,100 + $122.009) Supplies (55.000) Equipment rental ($2,100 - $20.009) Insurance ($4,000) Miscellaneous (5500+ $1.469) Total expense Net operating income 53,800 2,100 9,300 1,011 70,211 $ 97,789 During May, the company's actual activity was 340 diving-hours, Required: Prepare a flexible budget for May. (Round your answers to the n 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