Question: Demand for devils food whipped-cream layer cake at a local pastry shop can be approximated using a normal distribution with a mean of 24 and

Demand for devils food whipped-cream layer cake at a local pastry shop can be approximated using a normal distribution with a mean of 24 and standard deviation of 4. The manager estimates it costs $9 to prepare each cake. Fresh cakes sell for $21. All day-old cakes sell for $6. At this price, there is an ample demand for day-old cakes. Which one of the following Excel formulas determine optimal inventory levels?

Group of answer choices

=NORMDIST(1,24,4,1)

=NORMINV(1,24,4)

=NORMDIST(0.2,24,4,1)

=NORMINV(0.8,24,4)

=NORMINV(0.2,24,4)

=NORMDIST(0.8,24,4,1)

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