Good morning, trying to understand

On March 1 ofthe current year, Spicer Corporation compiled information to prepare a cash budget for March, April, and May. All of the company's sales are made on account. The following information has been provided by Spicer's management. Month Credit Sales January $388,888 (actual) February 488,888 (actual) March 682,888 (estimated) April 885,888 (estimated) May 868,888 (estimated) The company's collection activity on credit sales historically has been as follows. Collections in the month of the sale 58% Collections one month after the sale 38 Collections two months after the sale 15 Uncollectible accounts 5 Spicer's total cash expenditures for March, April, and May have been estimated at $1,200,000 [an average of $400,000 per month). Its cash balance on March 1 of the current year is $500,000. No nancing or investing activities are anticipated during the second quarter. Compute Spicer's budgeted cash balance at the ends of March, April, and May. Cash balance on March 31 Cash balance on April 30 Cash balance on May 31