At January 1, 2016, Sheffield Corp. has beginning inventory of 4000 surfboards. Sheffield estimates it will sell 15000 units during the first quarter of 2016 with a 12% increase in sales each quarter. Sheffield's policy is to maintain an ending inventory equal to 25% of the next quarter's sales. Each surfboard costs $100 and is sold for $150. How much is budgeted sales revenue for the third quarter of 2016? $18816 $712500 2962500 $2822400