A Production Manager Wants to Determine How Many Units of Each

question 29

Essay

A production manager wants to determine how many units of each product to produce weekly to maximize weekly profits.Production requirements for the products are shown in the following table.
$$\begin{array} { l c c c } \text { Product } & \text { Material 1(lbs.) } & \text { Material 2(lbs.) } & \text { Labor (hours) } \\ \mathrm { A } & 3 & 2 & 4 \\\mathrm {~B} & 1 & 4 & 2 \\\mathrm { C } & 5 & \text { none } & 3.5\end{array}$$
Material 1 costs $7 a pound,material 2 costs $5 a pound,and labor costs $15 per hour.Product A sells for $101 a unit,product B sells for $67 a unit,and product C sells for $97.50 a unit.Each week there are 300 pounds of material 1;400 pounds of material 2;and 200 hours of labor.Also,there is a weekly demand of 10 units of product C each week.Use Excel to formulate and solve this problem.

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Definitions:

Income Statement

A financial statement that shows a company's revenues and expenses over a specific period, ending with the net income or loss for the period.

Times Interest Earned

A financial ratio that measures a company's ability to meet its debt obligations by comparing its income before interest and taxes (EBIT) to its interest expenses.

Balance Sheet

A financial statement that outlines a company's assets, liabilities, and shareholders' equity at a specific point in time, providing a basis for computing rates of return and evaluating its capital structure.

Income Statement

An income statement is a financial statement that shows a company's revenues and expenses over a specific period, culminating in net profit or loss.