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 (5355.000) Expenses: Wages and salaries (58.000 + $125.009) Supplies ($3.009) Equipment rental (S2, 800 - $32.999) Insurance ($3,400) Miscellaneous ($630 + $1.00) 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 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