1- Calculating Operating Cash Flow - Mont Blanc Livestock Pens, Inc., has projected a sales volume of $1,650 for the second year of a proposed expansion project. Costs normally run 60 percent of sales, or about $990 in this case. The depreciation expense will be $100, and the tax rate is 21 percent. What is the operating cash flow? Calculate your answer using all of the approaches (including the top-down, bottom-up, and tax shield approaches) described in the chapter.