Download an Excel template for this problem online in MyAccountingLab or at http://www.pearsonhighered.com/Horngren. Magnolia Company produces leather shoes in three models: Medina, Ballard, and Fremont. Currently, Magnolia is manufacturing 4,000 pairs of Medina, 6,000 pairs of Ballard, and 1,500 pairs of Fremont during the year, for a total contribution margin of $2,242,500. However, some of the resources used in the manufacturing process are underutilized, leading the manager to believe that there could be an alternative product mix for shoes that would increase the total contribution margin. Magnolia can sell all shoes produced.
The current product mix is:Magnolia has the following manufacturing constraints:

Requirements
1. Using the formula in the cell for Total Contribution Margin on the Product Mix template, create the formulas in the blue shaded cells for
a. Total contribution margin using SUMPRODUCT
b. Machine hours used using SUMPRODUCT
2. The objective and constraints headings are the green shaded cells. Create formulas in the blue shaded cells.
3. Use Excel’s Solver to compute the number of pairs of shoes for each of the three models in order to maximize the contribution margin, given the constraints.