At January 1, 2016, Sheffield Corp. has beginning inventory of 3000 surfboards. Sheffield estimates it will sell 11000 units during the first quarter of 2016 with a 12% increase in sales each quarter. Sheffields policy is to maintain an ending inventory equal to 25% of the next quarters sales. Each surfboard costs $100 and is sold for $150. How much is budgeted sales revenue for the third quarter of 2016?

2175000

$13798.40

$2069760

$525000