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The required return is 12%, and the tax rate is 21% What are the cash flow each year, NPV and IRR in each case, if we changed fixed costs only! Scenario Fixed Costs $50,000 Baseca Wars 35.000 Best case 45.000 Show all work as follows: Step 1: Complete the income statement for each case: Rase Worst Best Sales $480,000 360,000 50,000 40.000 30,000 6.300 23.700 $480,000 360,000 55.000 40.000 $480,000 360,000 45,000 40,000 Variable Costs Fixed Costs Depreciation EBIT Taxes (21%) Net Income Step 2: Use the income statement data to calculate the OCF for each case Step 3: Complete the project cash flow for each case: Year 0 1 2 3 4 5 OCF OCE OCE OCF OCE OCF 0 Change in NWC NCS Total O -200,000 -200,000 2 2 Step 4: Calculate the NPV and IRR for each case