1. A children's clothing manufacturing company has always found payroll processing to be costly because it must be done manually by a clerk. Recently. an industrial engineer designed a system that automates payroll processing. Management is enthusiastic about this system because it uses some personal computer systems that were purchased recently. It is expected that the new automated system will save P40,000 per year in labor. The new automated system will cost P30,000 to build and test prior to operation. It is also expected that operating costs. including income taxes will be about P15 000 per year. The system will have 5 years useful life. The expected net salvage value Is estimated to be P3 000. a) Identify the cash inflows and cash outflows over the life of the project. b) Determine the net cash flow and the accumulated cash flow. To assist you in the cash flow, a table is presented below where you are asked to complete the entries. Some cells are provided with answers which will serve as your guide. \" _ _ n P15.000 _ n 73000 :- P40.ooo 0) Determine the conventional payback period using the given formula. Conventional Payback Period = Initial Investment Net Cash Flow per Year