Chapter 3 Lab #1: | Accounting

Chapter3Lab1-Summer24.pdf MGMT 414: Lab 1 Chapter 3 Create 1 Excel file with questions represented as different tabs. Create a textbox within each problem to write your LP model. Each student must complete their own unique spreadsheet model. Students will be graded on accuracy, completion of all required tasks, and presentability. Be creative with font and color choices! Submitting identical excel files will result in a zero on the assignment. 1. Oakton Manufacturing makes two types of rocking chairs specifically designed for men and women known as the His and Hers models. Each chair requires four legs and two rockers but differing numbers of wooden dowels. Each His chair requires four short dowels and eight long dowels while each Hers chair requires eight short dowels and four long dowels. Each His chair contributes $10 in profit while each Hers chair contributes $12. The company has 900 legs, 400 rockers, 1200 short dowels, and 1056 long dowels available. The company wants to maximize its profit. ● Formulate an LP model for this problem in a textbox. ● Create a spreadsheet model for this problem and solve it using Solver. ● What is the optimal solution? In a textbox, write the optimal solution and decision variables. 2.(Same problem from your individual meeting) The Gourmet Grill Company manufactures and sells two different types of grills: propane and electric. Each propane grill sells for $320 and costs $220 ($100 Profit) to manufacture. Each electric grill sells for $260 and costs $180 ($80 Profit) to manufacture. Each grill goes through four operations in the manufacturing process. The hours required by each type of grill in each of these manufacturing processes is summarized as follows: In the next production cycle there are 2,400 hours of machine press time available, 6,000 hours of fabrication, 3,300 hours of assembly, and 1,500 hours of testing capacity. Assume Gourmet Grill can sell everything they make and would like to determine the production plan that would maximize profit. ● Formulate an LP model for this problem in a textbox. ● Create a spreadsheet model for this problem and solve it using Solver. ● What is the optimal solution? In a textbox, write the optimal solution and decision variables.