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 $300,000(actual)

February $400,000(actual)

March $448,000(estimated)

April $731,000(estimated)

May $800,000(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 financing or investing activities are anticipated during the second quarter.

Compute Spicer's budgeted cash balance at the ends of March, April, and May.