Exercise $23\mathrm{.}9($Static$)$ Budgeting an Ending Cash Balance $($LO$23-4,$ LO$23-5)$

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:

$\backslash$table$[[$Month$,$Credit Sales$],[$January$,$$$300,000($actual$)],[$February$,400,000($actual$)],[$March$,600,000($estimated$)],[$April$,700,000($estimated$)],[$May$,800,000($estimated$)]]$

The company's collection activity on credit sales historically has been as follows:

$\backslash$table$[[$Collections in the month of the sale,$50\%$