Champagne, Inc

Champagne, Inc., had revenues of $12 million, cash operating expenses of $8 million, and depreciation and amortization of $1.5 million during 2008. The firm purchased $700,000 of equipment during the year while increasing its inventory by $500,000 (with no corresponding increase in current liabilities). The marginal tax rate for Champagne is 30 percent.

(a) What is Champagne's cash flow from operations for 2008?

(b) What is Champagne's free cash flow for 2008?

(c) What is Champagne's NOPAT for 2008?

(d) What is Champagne's cash flows associated with investments for 2008?