On March 1 of the current year, Spicer Corporation compiled information to prepare a cash budget for March, April, and May. All ofthe company's sales are made on account. The following information has been provided by Spicer's management: Month Credit Sales January :5 3II0,00 (actual) February 4III,00 (actual) March 514,IIO (estimated) April BII9,0I (estimated) May 8II0,00 (estimated) The company's collection activity on credit sales historically has been as follows: Collections in the month of the sale 5I95 Collections one month after the sale 30 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 baiance on March 1 of the current year is $500,000. No nancing or investing activities are anticipated during the second quarter. Required: Compute Spicer's budgeted cash balance at the ends of March, April, and May. Beginning Cash Collections on January Sales Collections on February Sales Collections on March Sales Collections on April Sales Collections on May Sales Total Cash Available Less: Expenditures Ending Cash Balance