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) 250 $110,000 Revenue ($440.00) Expenses: Wages and salaries ($11,800 + $130.00) Supplies ($5.00) Equipment rental ($2,100 + $25.00q) Insurance ($4,100) Miscellaneous ($540 + $1.449) Total expense Net operating income 44,300 1,250 8,350 4,100 900 58,900 $ 51,100 During May, the company's actual activity was 240 diving-hours. Required: Prepare a flexible budget for May. (Round your answers to the nearest whole number.) 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 0 $ 0