A proposed project is expected to generate revenues of $20,000,  $24,000, $26,000 $24,000 and $20,000 during year 1, year 2, year 3, year 4, and  year 5 respectively. Net working capital requirement for the project is  estimated as below:

 

Cash                                        10% of revenue

Account receivables                30% of revenue

Inventory                                50% of revenue

Account payables                    40% of inventory

 

As part of capital budgeting  analysis, please calculate the cash flows related to working capital (CFWC) for  this project (hint: working capital must be available at the beginning of each  year).