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 $ 138,000 Revenue ($460.00) Expenses: Wages and salaries ($11,800 + $130.00) Supplies ($4.00) Equipment rental ($2,100 + $ 21.009) Insurance ($4,200) Miscellaneous ($510 + $1.449) Total expense 50,800 1,200 8,400 4,200 942 65,542 $ 72,458 Net operating income 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.) 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