Exercise 9-1 (Static) Prepare a Flexible Budget (LO9-1] Puget Sound Divers is a company that provides diving services such as 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 (a) Revenue ($365.009) Expenses: Wages and salaries ($8,000 + $125.909) Supplies ($3.089) Equipment rental ($1,800 + $32.009) Insurance ($3,400) Miscellaneous ($630 + $1.80) Total expense Net operating income 20,500 300 5,800 3,400 810 30,810 $ 6,49 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 Net operating income