Portions of a Management Scientist Output Are Shown Below

question 16

Essay

Portions of a Management Scientist output are shown below.Use what you know about the solution of linear programs to fill in the ten blanks.
LINEAR PROGRAMMING PROBLEM
MAX 12X1+9X2+7X3
S.T.
1)3X1+5X2+4X3<150
2)2X1+1X2+1X3<64
3)1X1+2X2+1X3<80
4)2X1+4X2+3X3>116
OPTIMAL SOLUTION
Objective Function Value = 336.000 $$\begin{array} { c c c } \text { Variable } & \text { Value } & \text { Reduced Cost } \\\text { X1 } &-& 0.000 \\\text { X2 } & 24.000& -\\\text { X3 } & -& 3.500 \\\end{array}$$ $$\begin{array} { c c c } \text { Constraint } & \text { Slack/Surplus } & \text { Dual Price } \\1 & 0.000 & 15.000 \\2 & -& 0.000 \\3 & -& 0.000 \\4 & 0.000 & -\\\end{array}$$ OBJECTIVE COEFFICIENT RANGES $$\begin{array} { c c c c } \text { Variable } & \text { Lower Limit } & \text { Current Value } & \text { Upper Limit } \\\text { X1 } & 5.400 & 12.000 & \text { No Upper Limit } \\\text { X2 } & 2.000 & 9.000 & 20.000 \\\text { X3 } & \text { No Lower Limit } & 7.000 & 10.500\end{array}$$ RIGHT HAND SIDE RANGES $$\begin{array} { c c c r } \text { Constraint } & \text { Lower Limit } & \text { Current Value } & \text { Upper Limit } \\1 & 145.000 & 150.000 & 156.667 \\2 & -& -& 64.000 \\3 & -& - & 80.000 \\4 & 110.286& 116.000 & 120.000\end{array}$$

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Definitions:

Periodic Inventory System

An inventory system that updates inventory records and calculates cost of goods sold at the end of a reporting period, rather than continuously.

LIFO

Last In, First Out refers to an approach for evaluating inventory in which the items that were produced last are considered to be the first ones sold.

Weighted-Average Cost

A calculation used in inventory management and cost accounting that takes into account the varying costs of goods and determines an average cost for the goods sold.

Periodic Inventory System

An inventory system that updates inventory balances after a specific period, calculating COGS by a physical count.