(PLEASE SHOW HOW TO DO IN EXCEL) For each of the next four years, forecast the following items: sales, cash, accounts receivable, inventories, net fixed assets, accounts payable & accruals, operating costs (excluding depreciation), depreciation, and earnings before interest and taxes (EBIT).

Scenario: No Change 2015 For inputs: Error Check Ok 8% Inputs Sales growth rate: Op. costs excl depcn./Sales: Depr./FA Cash/Sales: Actual Forecast 2014 10% 90% 90.0% 10% 10% 1% 1% 14% 14% 20% 20% 2016 5% 90% 10% 1% 14% 20% 90% 10% 1% 14% 20% 2017 5% 90% 10% 1% Sales Ok 14% Inv./Sales: 20% Ok OP. Fixed Depre Acco Rec. 25% 25% 25% 4% 40% 4% Invent 25% 4% 40% 10.0% 0% FA/Sales: AP & accr. / Sales: Tax rate: Rate on all debt Div. growth rate: Target WACC 25% 4% 40% 10% 0% ok Cash 4% 40% 10% 0% 40% 10% 0% 5% 9% The last 2 years of growth must have same value to get constant growth in FCF. The last 3 years of the operating ratios must have same value to get constant growth in FCF. An error message will appear if this condition is violated. Scenario: 0.00 2015 2016 2017 Net sales Cash Accounts receivable Inventories Net fixed assets Accts. pay. & accruals Op. costs (excl. depr.) Depreciation EBIT Actual Forecast 2013 2014 $2,000 $20 $280 $400 $500 $80 $1,800 $50 $150