Question 3 [16 marks] The Young Company manufactures parts for electric vehicles. The company would like...

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Question 3 [16 marks] The Young Company manufactures parts for electric vehicles. The company would like to determine the Jan- Apr production plan that minimize the total cost. The estimated demand and production capacity for the Jan-Apr period is as follows: Month Demand January 2,800 Production 3,000 Capacity February 3,000 3,200 March April 3,800 3.000 3.500 3,500 The cost of production for each unit of part is $500 per unit. The company can utilize inventories to reduce fluctuations in production but carrying one unit of inventory costs the company $40 per unit per month. The accountant estimates the number of units carries in inventory each month by averaging the beginning and end inventory for each month. Currently there are 100 units of inventories. However, the company wants to maintain a minimum safety stock of 150 units of inventory at the end of each month. Use Excel to formulate and solve this problem. (label the tab in Excel spreadsheet as Q4) Question 3 [16 marks] The Young Company manufactures parts for electric vehicles. The company would like to determine the Jan- Apr production plan that minimize the total cost. The estimated demand and production capacity for the Jan-Apr period is as follows: Month Demand January 2,800 Production 3,000 Capacity February 3,000 3,200 March April 3,800 3.000 3.500 3,500 The cost of production for each unit of part is $500 per unit. The company can utilize inventories to reduce fluctuations in production but carrying one unit of inventory costs the company $40 per unit per month. The accountant estimates the number of units carries in inventory each month by averaging the beginning and end inventory for each month. Currently there are 100 units of inventories. However, the company wants to maintain a minimum safety stock of 150 units of inventory at the end of each month. Use Excel to formulate and solve this problem. (label the tab in Excel spreadsheet as Q4)