On March 1 of the current year, Spicer Corporation compiled information to prepare a cash budget for March, April, and May. All of the companys sales are made on account. The following information has been provided by Spicers management.

Month Credit Sales

January$300,000(actual)

February 400,000(actual)

March 651,000(estimated)

April 545,000(estimated)

May 800,000(estimated) T

he companys collection activity on credit sales historically has been as follows.

Collections in the month of the sale 50%

Collections one month after the sale 30

Collections two months after the sale 15

Uncollectible accounts 5

Spicers 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 financing or investing activities are anticipated during the second quarter.

Compute Spicers budgeted cash balance at the ends of March, April, and May.