Question 4 View Policies Current Attempt in Progress Concord Enterprises is a boutique guitar manufacturer. The company produces both acoustic and electric guitars for rising and established professional musicians. Vanessa Aaron, the company's sales manager, prepared the following sales forecast for 2018. The forecasted sales prices include a 5% increase in the acoustic guitar price and a 10% increase in the electric guitar price, to cover anticipated increases in raw materials prices. 4th Quarter Sales Price $1,220 $2.450 Acoustic guitar sales Electric guitar sales 1st Quarter 210 380 2nd Quarter 250 330 3rd Quarter 310 310 350 380 Prepare Concord's sales budget for 2018. 1st Quarter r 2 nd Quarter Sales Budget 3rd Quarter 3rd 4th Quarter Annual Acoustic A A A A Electric Total revenue On December 31, 2017, Concord had 30 acoustic guitars in stock-fewer than the desired inventory level of 84 guitars, based on the following quarter's sales. The company has budgeted for sales of 240 acoustic guitars in the first quarter of 2019. Prepare the 2018 production budget for acoustic guitars. Production Budget 2nd Quarter 3rd Quarter 1st Quarter 4th Quarter Annual e Textbook and Media Each acoustic guitar requires a maple neck blank, which Concord purchases for $40. On December 31, 2017, Concord had 390 neck blanks in inventory. Spoilage during the production process results in a standard quantity of 1.5 necks per acoustic guitar. Because of recent delivery problems, Concord wants to maintain an ending inventory equal to 50% of the following quarter's production needs. Since the supplier has assured Concord that the delivery issues will be resolved by the end of December, Concord wants only 370 neck blanks in inventory on December 31, 2018. Prepare the purchases budget for neck blanks for 2018. (Enter "per gitar" value to 1 decimal place, e.g. 3.1. Round all other answers to 0 decimal places, e.g. 153.) 1st Quarter Purchases Budget 2nd Quarter 3rd Quarter 4th Quarter Annual