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 447,000 (estimated) April 520,000 (estimated) May 800,000 (estimated) The 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. Required: Compute Spicers budgeted cash balance at the ends of March, April, and May.