The office manager of a large New York City-based accounting firm needs to replace the aging...
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The office manager of a large New York City-based accounting firm needs to replace the aging and out-of-style office furniture in their New York offices. The firm has decided to purchase desk/chair/credenza furniture sets for all 2,000 offices in New York. The company has received bids from four different furniture companies who are willing to supply the furniture sets, as follows: Carolina Woodworks has bid to deliver up to 1,000 furniture sets at a cost of $2,500 per set and with a one-time charge of $10,000. Nashawtuc Millworks has bid to deliver up to 1,200 furniture sets at a cost of $2,450 per set and with a one-time charge of $20,000. Adirondack Furnishing Designs has bid to deliver up to 800 furniture sets at a cost of $2,510 per set with no additional charges. Lancaster Artisan Company has bid to deliver up to 1,100 furniture sets at a cost of $2,470 per set and with a one-time charge of $13,000. a) Formulate a mixed integer optimization model that could be used to determine how many furniture sets to purchase from each of the four potential suppliers in order to minimize cost. Make sure to follow the three steps clearly. b) Use Excel to find the optimal solution. Turn in your spreadsheet. c) In your Word/ PDF file, report how many furniture sets to order from each supplier. In your Word/ PDF file, report what the total cost will be. d) The office manager of a large New York City-based accounting firm needs to replace the aging and out-of-style office furniture in their New York offices. The firm has decided to purchase desk/chair/credenza furniture sets for all 2,000 offices in New York. The company has received bids from four different furniture companies who are willing to supply the furniture sets, as follows: Carolina Woodworks has bid to deliver up to 1,000 furniture sets at a cost of $2,500 per set and with a one-time charge of $10,000. Nashawtuc Millworks has bid to deliver up to 1,200 furniture sets at a cost of $2,450 per set and with a one-time charge of $20,000. Adirondack Furnishing Designs has bid to deliver up to 800 furniture sets at a cost of $2,510 per set with no additional charges. Lancaster Artisan Company has bid to deliver up to 1,100 furniture sets at a cost of $2,470 per set and with a one-time charge of $13,000. a) Formulate a mixed integer optimization model that could be used to determine how many furniture sets to purchase from each of the four potential suppliers in order to minimize cost. Make sure to follow the three steps clearly. b) Use Excel to find the optimal solution. Turn in your spreadsheet. c) In your Word/ PDF file, report how many furniture sets to order from each supplier. In your Word/ PDF file, report what the total cost will be. d)
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Related Book For
Financial and Managerial Accounting the basis for business decisions
ISBN: 978-0078111044
16th edition
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
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