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. Thr following information has been provided by Spicer's management.

On March 1 of the current year, Spicer Corporation compiled information to pr cash budget for March, April, and May. All of the company's sales are made o account. The following information has been provided by Spicer's manageme Month January February March April Credit Sales $300,000 (actual) 400,000 (actual) 766,000 (estimated) 683,000 (estimated) 800,000 (estimated) May The company's collection activity on credit sales historically has been as follov Collections in the month of the sale Collections one month after the sale Collections two months after the sale Uncollectible accounts 50% 30 15 5 Spicer's total cash expenditures for March April, and may have been estimatec $1,200,000 (an average of $400,000 per month). Its cash balance on March 1 current year is $500,000. No financing or investing activities are anticipated du 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 $ 979,450