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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) 250 Revenue ($470.009) $117,500 Expenses : Wages and salaries ($11,100 + $128.004) 43,100 Supplies ($4.009) 1,000 Equipment rental ($2,500 - $20.00) 7,500 Insurance ($3,900) 3,900 Miscellaneous ($520 - $1.449) 880 Total expense 56,380 Net operating income $61,120 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 dollar.) Puget Sound Divers Flexible Budget For the Month Ended May 31 Actual diving-hours Revenue Expenses: 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 Actual diving-hours Revenue Expenses: Wages and salaries Supplies Equipment rental Insurance Miscellaneous 0 Total expense $ 0 Net operating income