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 $117,000 Revenue ($390.009) Expenses: Wages and salaries ($11,000 + $128.009) Supplies ($6.009) Equipment rental ($2,500 + $22.009) Insurance ($4,000) Miscellaneous ($540 + $1.429) Total expense 49,400 1,800 9,100 4,000 966 65, 266 $ 51,734 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 number.) Required: Prepare a flexible budget for May. (Round your answers to the nearest whole number.) X Answer is complete but not entirely correct. Puget Sound Divers Flexible Budget For the Month Ended May 31 Actual diving-hours 290 Revenue $ 113,100 Expenses: Wages and salaries 48,120 1,740 Supplies Equipment rental 61,380 X Insurance 4,000 Miscellaneous 1,179 Total expense 116,419 Net operating income $ (3,319)