Bartosiewicz Clinic uses client-visits as its measure of activity. During January, the clinic budgeted for 5,400 client-visits, but its actual level of activity was 5,420 client-visits. The clinic has provided the following data concerning the formulas used in its budgeting and its actual results for January: Data used in budgeting: Fixed element per month Variable element per client-visit Revenue - $ 37.40 Personnel expenses $ 29,400 $ 13.40 Medical supplies 1,700 7.40 Occupancy expenses 10,400 1.00 Administrative expenses 6,900 0.50 Total expenses $ 48,400 $ 22.30 Actual results for January: Revenue $ 150,400 Personnel expenses $ 70,100 Medical supplies $ 20,228 Occupancy expenses $ 14,110 Administrative expenses $ 7,590 The activity variance for net operating income in January would be closest to:

The activity variance for net operating income in January would be closest to:

$302 F

$5,232 F

$5,232 U

$302 U