Can you assist me with Question 3. Please right out the steps it's easier to understand verses on the excel spreadsheet. If you do it in excel can you make it easy to follow along to. Thank you kindly. **Example 1: Supply Chain Strategy vs. Sales Strategy to Achieve a Target Profit****Scenario:** Hau Lee Furniture, Inc., allocates 60% of its sales dollars to the supply chain and currently achieves a gross profit of $10,000. Hau aims to raise this gross profit by $5,000 (50%) and is evaluating two strategies: reducing material costs and increasing sales.**Approach:** - Use the table provided to carry out the analysis.**Solution:** The current material and production costs are 60% and 20% of sales dollars, respectively, with fixed costs remaining constant at $10,000. Enhancing the supply chain to reduce material costs by 8.3% ($5,000/$60,000) can achieve a 50% profit gain. Alternatively, a 25% increase in sales ($25,000/$100,000) is needed for the same outcome.**Table Analysis:**- **Current Situation:** - Sales: $100,000 - Cost of Materials: $60,000 (60%) - Production Costs: $20,000 (20%) - Fixed Costs: $10,000 (10%) - Profit: $10,000 (10%)- **Supply Chain Strategy:** - Sales: $100,000 - Cost of Materials: $55,000 (55%) - Production Costs: $20,000 (20%) - Fixed Costs: $10,000 (10%) - Profit: $15,000 (15%)- **Sales Strategy:** - Sales: $125,000 - Cost of Materials: $75,000 (60%) - Production Costs: $25,000 (20%) - Fixed Costs: $10,000 (8%) - Profit: $15,000 (12%)**Insight:** Improvements in supply chain efficiency translate directly to increased profits, requiring less reduction compared to the substantial increase needed in sales to reach similar profit targets. Proper management of the supply chain can significantly enhance profitability.**Learning Exercise:** If Hau wishes to double the original gross profits (from $10,000 to $20,000), what changes are necessary in the supply chain and sales strategies? [Answer: Supply chain strategy = 16.7% reduction in material costs; sales strategy = 50% increase in sales.]**Related Problems:** **11.3** Kamal Fatehl, production manager of Kennesaw Manufacturing, finds his profit at $15,000 (as shown in the statement below)—inadequate for expanding his business. The bank is insisting on an improved profit picture prior to approval of a loan for some new equipment. Kamal would like to improve the profit line to $25,000 so he can obtain the bank’s approval for the loan.| | Amount | % of Sales ||---------------------------|-----------|------------|| Sales | $250,000 | 100% || Cost of supply chain purchases | $175,000 | 70% || Other production costs | $30,000 | 12% || Fixed costs | $30,000 | 12% || Profit | $15,000 | 6% |a) What percentage improvement is needed in a supply chain strategy for profit to improve to $25,000? What is the cost of material with a $25,000 profit?b) What percentage improvement is needed in a sales strategy for profit to improve to $25,000? What must sales be for profit to improve to $25,000? (*Hint: See Example 1.*)

...• 11.3 Kamal Fatehl, production manager of Kennesaw Manufacturing, finds his profit at $15,000 (as shown in the state- ment below)-inadequate for expanding his business. The bank is insisting on an improved profit picture prior to approval of a loan for some new equipment. Kamal would like to improve the profit line to $25,000 so he can obtain the bank's approval for the loan. % OF SALES Sales $250,000 100% Cost of supply chain purchases 175,000 70% Other production costs 30,000 12% Fixed costs 30,000 12% Profit 15,000 6% a) What percentage improvement is needed in a supply chain strategy for profit to improve to $25,000? What is the cost of material with a $25,000 profit? b) What percentage improvement is needed in a sales strategy for profit to improve to $25,000? What must sales be for profit to improve to $25,000? (Hint: See Example 1.)

...• 11.3 Kamal Fatehl, production manager of Kennesaw Manufacturing, finds his profit at $15,000 (as shown in the state- ment below)-inadequate for expanding his business. The bank is insisting on an improved profit picture prior to approval of a loan for some new equipment. Kamal would like to improve the profit line to $25,000 so he can obtain the bank's approval for the loan. % OF SALES Sales $250,000 100% Cost of supply chain purchases 175,000 70% Other production costs 30,000 12% Fixed costs 30,000 12% Profit 15,000 6% a) What percentage improvement is needed in a supply chain strategy for profit to improve to $25,000? What is the cost of material with a $25,000 profit? b) What percentage improvement is needed in a sales strategy for profit to improve to $25,000? What must sales be for profit to improve to $25,000? (Hint: See Example 1.)

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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