Remaining Time: 2 hours, 41 minutes, 39 seconds. Question Completion Status: QUESTION 11 PROBLEM #1: A production manager needs to develop a production schedule to meet the following demand: Period 1 2 3 4 Demand 500 1300 1600 500 production costs are as follows: production cost during regular time: $4 per unit cost of subcontracting: $5 per unit Inventory carrying cost = $3 per unit per period Back-order costs - 88 per unit per period. Regular production rate: 900 units per period You can subcontract at the rate of 150 units per period only during the second and third periods. Develop a production schedule for this scenario and answer the following questions. Equation: Surplus/Shortage in any period - Quantity Produced + Quantity Subcontracted Demand What is the average inventory for the first period