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 Roded Nay 31 Budgeted diving-hours (9) 300 Revenue ($450.000) $135,000 Expenses Wagen and salaries ($11,200 + $124.009) 48,400 Supplies ($5.000) 1,500 Equipment rental ($2,400 $21.000) 8,700 Insurance ($3,900) 3,900 Miscellaneous (3530 + $1.469) 968 Total expense 63,468 $ 71,532 Net operating income 5 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) 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