Chirico Clinic uses client-visits as its measure of activity. During February, the clinic budgeted for 2,500 client-visits, but its actual level of activity was 2,550 client-visits. The clinic has provided the following data concerning the formulas used in its budgeting and its actual results for February: Data used in budgeting: Fixed element per month Variable element per client-visit Revenue ? $52.30 Personnel expenses $29,600 $15.50 Medical supplies 1,300 9.10 Occupancy expenses 8,200 2.50 Administrative expenses 6,000 0.40 Total expenses $45,100 $27.50 Actual results for February: Revenue $138,875 Personnel expenses $70,015 Medical supplies $24,335 Occupancy expenses $14,655 Administrative expenses $6,880 The net operating income in the flexible budget for February would be closest to: $16,900 $23,450 $18,140 $22,539