Shown below are the forecasted quarterly demands $($i$.$e$.$ sales plan$)$ for a product in $2023$:

Q$1$: $40,000$

Q$2$: $70,000$

Q$3$: $20,000$

Q$4$: $50,000$

Inventory holding cost is $$6$ per unit per quarter. Backlog cost is $$18$ per unit per quarter. The regular$-$time wage

rate is $$30/$hour$.$ Hiring$/$Layoff costs are $$1,000$ and $$2,000$ respectively. Each unit requires $2$ labor hours. There

are $500$ working hours in each quarter. The current workforce consists of $150$ workers. There is an initial

inventory of $20,000$ units, but no initial backlog. $($Hint: The initial inventory can offset the first quarter's demand.$)$

Compute the annual cost of each of the following operations plans:

Operations Plan $1$: Chase Strategy

Operations Plan $2$: Level Strategy

Operations Plan $3$: Hybrid Strategy $(43,000$;$43,000$;$37,000$;$37,000)$

Also, on a summary sheet in your Excel file, rank the three strategies by cost from lowest to highest.

excel with four tabs labeled Summary, Chase, Level, and Hybrid.