Finnigan Woolen Mills is evaluating an expansion project that would last for five years. Annual operating revenue (Year 1 through Year 5) would be $300,000 per year and annual operating costs would be $212,000 per year. New machinery would be purchased and installed immediately ("today") for $250,000. The machinery would be depreciated using the following annual depreciation schedule: 33%, 45%, 15%, 7%. It is believed that the equipment would have a salvage value of $23,000 at the end of the project.

NOWC would increase initially by $25,000 but this can be recovered at the end of the project. The tax rate is 30% and WACC is 10%.

What is this project's NPV and IRR?