Tots Toys Company Is Trying to Schedule Production of Two

question 48

Essay

Tots Toys Company is trying to schedule production of two very popular toys for the next three months: a rocking horse and a scooter.Information about both toys is given below. ​ ​
Develop a model that would tell the company how many of each toy to produce during each month.You are to minimize total cost.Inventory cost will be levied on any items in inventory on June 30,July 31,or August 31 after demand for the month has been satisfied.Your model should make use of the relationship:
Beginning inventory + Production − Demand = Ending inventory
for each month.The company wants to end the summer with 150 rocking horses and 60 scooters as beginning inventory for September 1.Don't forget to define your decision variables.

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Definitions:

Chapter 7 Bankruptcy

A provision of the bankruptcy code that involves the liquidation of a debtor's assets to repay creditors.

Creditor Litigation

Legal proceedings initiated by a creditor to recover debts owed by a debtor, usually when other debt recovery methods have failed.

Security Interest

A legal claim or lien on assets or property, granted to secure the performance of an obligation or repayment of a debt.

Consumer Good

Goods produced and purchased for personal use, as opposed to those made for production or commercial use.