At January 1, 2016, Vaughn Manufacturing has beginning inventory of 3000 surfboards. Vaughn estimates it will sell 14000 units during the first quarter of 2016 with a 12% increase in sales each quarter. Vaughn'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 2737500 $17562 $637500 $2634240