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Intro It is the end of 2021. You've estimated the following sales (in $ million) for a new clothing line at The Gap. Assume all cash flows occur at the end of the year. . B C F 1 2021 2022 2023 2024 2025 2 Sales 16,000 16,640 17,139 17,482 17,657 The marginal tax rate is 15%. Based on 2021 data, COGS and SG&A are expected to add up to 66% of sales and depreciation is expected to remain at 3% of sales. The GAP is expected to maintain a constant asset turnover (sales/assets) of 5 for its fixed assets, mainly retail stores. Its net working capital consists of its current assets, mainly inventory of clothes and accessories, minus its current liabilities, and is expected to be always 15% of sales. Part 1 |Attempt 1/3 for 10 pts. Open a spreadsheet with a blank tab and name it 'CF', for cash flows. Duplicate the table above and extend it to find the operating cash flow for each year. What is the operating cash flow for 2025 (in $ million)? 0+ decimals Submit Part 2 Attempt 1/3 for 10 pts. Extend the spreadsheet (i.e., add more rows) to find capital expenditure for each year. What is capital expenditure for 2025 (in $ million)? 0+ decimals Submit Part 3 B Attempt 1/3 for 10 pts. Extend the spreadsheet to find the change in net working capital for each year. What is the change in net working capital for 2025 (in $ million)? 1+ decimals Submit Part 4 * Attempt 1/3 for 10 pts. Extend the spreadsheet to find the free cash flow (FCF) for each year. What is the FCF for 2025 (in $ million)? 0+ decimals

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