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 January February March April May Credit Sales $ 300,000 (actual) 400,000 (actual) 546,000 (estimated) 745,000 (estimated) 800,000 (estimated) The company's collection activity on credit sales historically has been as follows: 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 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 Spicer's budgeted cash balance at the ends of March, April, and May. March April May Beginning Cash S 500,000 S 565,000 S 755,000 Collections on January Sales Collections on February Sales Collections on March Sales Collections on April Sales Collections on May Sales Total Cash Available S 500,000 S 565,000 755.000 Less: Expenditures Ending Cash Balance