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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 $ 135,000 Revenue ($450.00) Expenses : Wages and salaries ($11,400 + $126.009) Supplies ($5.00) Equipment rental ($2,400 + $22.009) Insurance ($4,100) Miscellaneous ($550 + $1.509) Total expense Net operating income 49,200 1,500 9,000 4,100 1,000 64,800 $ 70,200 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 dollar.) Puget Sound Divers Flexible Budget For the Month Ended May 31 Revenue Expenses: Wages and salaries Supplies Equipment rental Insurance Miscellaneous Total expense Net operating income