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: 100 $ 36,500 Puget Sound Divers Planning Budget For the Month Ended May 31 Budgeted diving-hours (9) Revenue ($365.00g) Expenses: Wages and salaries ($8,000 + $125.009) Supplies ($3.00) Equipment rental ($1,800 + $32.00) 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. 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