The Silver Star Bicycle Company will be manufacturing both men's and women's models of its Easy-Pedal 10-speed bicycles during the next two months.Management wants to develop a production schedule indicating how many bicycles of each model should be produced in each month. Current demandforecasts call for 150 men's and 125 women's models to be shipped during the first month and 200 men's and 150 women's models to be shipped during thesecond month. Additional data are shown:ProductionLabor Requirements (hours)CurrentModelCostsManufacturingAssemblyInventoryMen's$1202.01.520Women's$901.61.030Last month the company used a total of 1000 hours of labor. The company's labor relations policy will not allow the combined total hours of labor(manufacturing plus assembly) to increase or decrease by more than 100 hours from month to month. In addition, the company charges monthly inventory atthe rate of 2% of the production cost based on the inventory levels at the end of the month. The company would like to have at least 25 units of each model ininventory at the end of the two months.a. Establish a production schedule that minimizes production and inventory costs and satisfies the labor-smoothing, demand, and inventory requirements.What inventories will be maintained, and what are the monthly labor requirements? If required, round your answers to the nearest whole number. If anamount is zero, enter "0"Production schedule:The optimal solution is to produceof the men's model in month 1,of the men's model in month 2,units of thewomen's model in month 1, andof the women's model in month 2.Total Cost$

Production theory refers to the theory that helps in devising methods of production that lead to…

Answered: The optimal solution is to produce of…

The optimal solution is to produce of the men's model in month 1, of the men's model in month 2, units of the women's model in month 1, and of the women's model in month 2. Total Cost = $

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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