Sherman Company has a cash balance on January 1 of $123,484. Given the following data, compute Shermans budgeted cash balance on March 31. Round all amounts to the nearest dollar. Past and budgeted future activity, in $000: Sales Operating expense November 1,526 425 December 1,491 400 January 1,388 408 February 1,295 395 March 1,456 416 April 1,422 399 Sherman has a gross profit of 40%, and has a policy of maintaining an inventory of 150% of expected next-month sales. Operating expenses are paid 80% in the current month, and 20% in the following month. Purchases of merchandise are paid for 50% in the current month, and 50% in the following month. All sales are on credit. Normal pattern of collections is: 40% in month of sale, 46% in following month, 10% in next following month, 4% uncollectible.