Waterway Enterprises is a boutique guitar manufacturer. The company produces both acoustic and electric guitars for rising and established professional musicians. Nancy Jackson, the company's sales manager, prepared the following sales forecast for 2022. 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. Sales Price 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Acoustic guitar sales $1,350 300 350 Electric guitar sales $2.450 400 250 280 350 320 360 On December 31, 2021, Waterway had 30 acoustic guitars in stock-fewer than the desired inventory level of 80 guitars, based on the following quarter's sales. The company has budgeted for sales of 240 acoustic guitars in the first quarter of 2023. Prepare the 2022 production budget for acoustic guitars. Production Budget 2nd Quarter 1st Quarter 3rd Quarter Budgeted unit sales 250 280 300 Budgeted ending inventory 90 96 112 Total units required 340 376 412 Beginning inventory 30 90 96 Budgeted production 310 286 316 On December 31, 2021, Waterway had 30 acoustic guitars in stock-fewer than the desired inventory level of 80 guitars, based on the following quarter's sales. The company has budgeted for sales of 240 acoustic guitars in the first quarter of 2023. Prepare the 2022 production budget for acoustic guitars. Production Budget 2nd Quarter ter 3rd Quarter 4th Quarter Annual 250 280 300 350 1180 90 96 112 77 77 340 376 412 427 1257 30 i 90 96 112 50 310 286 316 315 1207