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 (g) 400 $180,000 Revenue ($450.009) Expenses : Wages and salaries ($11,500 + $126.009) Supplies ($3.00) Equipment rental ($2,500 + $20.00) Insurance ($3,900) Miscellaneous ($500 + $1.509) Total expense 61,900 1,200 10,500 3,900 1,100 78,600 Net operating income $ 101,400 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 dollar.) Puget Sound Divers Flexible Budget For the Month Ended May 31 Revenue Expenses: Wages and salaries Supplies Equipment rental Insurance Miscellaneous Total expense 0 Net operating income $ 0