Exercise 9-1 (Static) 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) 100 $36,500 Revenue ($365.009) Expenses: Wages and salaries ($8,000 + $125.00) Supplies $3.00q) Equipment rental ($1,800 + $32.009) Insurance ($3,400) Miscellaneous ($630 + $1.809) Total expense Net operating income 20,500 300 5,000 3,400 810 30,010 $ 6,490 During May, the company's actual activity was 105 diving-hours. Required: Prepare a flexible budget for May. Answer is complete but not entirely correct. Puget Sound Divers Flexible Budget For the Month Ended May 31 Actual diving-hours 5 X Rounnun 105 GO During May, the company's actual activity was 105 diving-hours. Required: Prepare a flexible budget for May. Answer is complete but not entirely correct. Puget Sound Divers Flexible Budget For the Month Ended May 31 Actual diving-hours 5 X Revenue $ 105,600 Expenses: Wages and salaries 20,500 300 Supplies Equipment rental 5,000 X Insurance 4,000 Miscellaneous 885 Total expense 30,685 Net operating income $ 74,915