Problem Develop a production plan and calculate the annual cost for a firm whose demand forecast is fall, 10,000; winter, 8,000; Spring. 7,000, summer, 12,000. Inventory at the beginning of talls 500 units. At the beginning of all you currently have 30 workers, but you plan to hire temporary workers at the beginning of summer and lay them off at the end of summer. In addition, you have negotiated with the union an option to use the regular workforce on overtime during winter or spring it overtimes necessary to prevent stockouts at the end of those quarters. Overtime not available during the fall. Relevant costs are hiring $100 for each temp:layoff, $200 for each worker laid off inventory holding $5 per unit quarterbackorder $10 per unit, straight time. 55 per hour overtime S8 per hour. Assume that the productivity is 0.5 unit per worker hour, with eight hours per day and 60 days per season Summary of the information above Forecast Fal Winter 10000 Song Summer 1000 7000 12000 beginning inventory Current of work temporary worker Overtime Mining coulemporary laying off cost each worker Inventory holding cost (per unit-quation) backorder cost Straight time per hour Overtime per hour product My per worker hour won a day worlays a season 500 30 hired at the beginning of summer and laid off at the end of summer use regular workforce on time during winter or spring, not available on fat $100 $200 55 $10 55 $8 0.5 unit a won hour 8 hours a day 00 days a season Insert your formula in these blue cells. Remember that all formulas begin with a = Spring Summer 8000 7000 12000 -2300 Fall Winter 10000 500 9500 19000 14400 14400 14400 14400 14400 7200 -2300 Forecast Beginning inventory Production required Production hours required(#of products/productivity(.5)) Production hours available (30 workers*8*60) Overtime hours Temp workers word 117werten Temp worker hours available Total hours available Actual production Ending inventory Workers hired Workers laid off Costs Straight time (production hours 55) Overtime (overtime hours * $8) Inventory (Ending inventory Holding cost($5) Backorder (backorder backorder cost ($10) Hiring (Temp workers hiring cost ($100)) Layoff (temp workers'laying off cost ($200)) Total (Quarter Totallyear) $ 72,000.00 $72,000.00