Calculating Operating Cash Flow Kilimanjaro Tents Ltd have projected a sales volume of R1,650 for the second year of a proposed expansion project. Costs normally run at 60 per cent of sales, or about R990 in this case. The depreciation expense will be R100, and the tax rate is 35 per cent. What is the operating cash flow? Calculate your answer using all the approaches (including the top-down, bottom-up and tax shield approaches) described in the chapter.