On March 1 of the 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 $380,906 (actual) February 460,000 (actual) March 747,906 (estimated) April 676,006 (estimated) May 860,006 (estimated) ' The company's 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 [ 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