Kirnon Clinic uses client-visits as its measure of activity. During July, the clinic budgeted for 3,900 client-visits, but its actual level of activity was 3,850 client-visits. The clinic has provided the following data concerning the formulas to be used in its budgeting:

	Fixed element per month			Variable element per client-visit
Revenue		-		$	40.40
Personnel expenses	$	36,400		$	11.60
Medical supplies		2,400			8.40
Occupancy expenses		9,400			2.40
Administrative expenses		6,400			0.60
Total expenses	$	54,600		$	23.00

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