Exercise 9-1 (Static) Prepare a Flexible Budget [L09-1] 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 (q) Revenue ( $365.00q) Expenses: Wages and salaries ($8,000+$125.00q) Supplies ($3.00q) Equipment rental ($1,800+$32.00q) Insurance ($3,400) Miscellaneous ($630+$1.80q) Total expense Net operating income During May, the company's actual activity was 105 diving-hours. Required: Prepare a flexible budget for May