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Layton Machining Company (LMC) manufactures two versions of a basic machine tool. One version is a standard model and one is a custom model, which requires some additional work and slightly higher-grade materials. The manufacturing process at LMC requires that each product go through two departments, Grinding and Finishing. The process in each department uses a single type of machine. Total machine capacity in Grinding is 51,000 hours, and in Finishing total machine capacity is 31,000 hours (Each department has multiple machines.) Total market demand is limited to 102.000 standard units and 122,000 custom units monthly. LMC is currently producing 92,000 standard units and 53,000 custom units each month. Cost and machine usage data for the two products follow. Standard $ 6.70 Total Custom $ 8.70 Price Les variable costs per unit Material Labot Overhead Contribution margin per unit Fixed costs Manufacturing Marketing and administrative 1.55 1.30 1.RO 2.05 2.05 1.55 2.55 2.55 $ $ $ 77,000 38.000 $115,000 0.3 0.2 0.1 Grinding machine hours per unit Finishing machine hours per unit Grinding machine hours used Grinding machine hours available Finishing machine hours used Finishing machine hours available Quantity produced Maximum demand Profit 34,300 51.000 30,400 31,000 92,000 102,000 $208,750 53,000 122,000 Required: its and custom units should the company 30,400 31,000 Finishing machine hours used Finishing machine hours available Quantity produced Maximam demand Profit 92,000 102,000 $209,750 53,000 122,000 Required: a. What is the optimal production schedule for LMC? In other words, how many standard units and custom units should the company produce each month to maximize monthly profit? b. If LMC produces at the level found in requirement (a), how much will monthly profit increase over the current production schedule? Complete this question by entering your answers in the tabs below. Required a Required B What is the optimal production schedule for LMC? In other words, how many standard units and custom units should the company produce each month to maximize monthly profit? (Do not round intermediate calculations.) Standard units Custom units Required Required B > 14 tv A used Grinding machine hours available Finishing machine hours used Finishing machine hours available Quantity produced Maximum demand Profit 34,300 51,000 30,400 31,000 92,000 102,000 $208,750 53,000 122,000 Required: a. What is the optimal production schedule for LMC? In other words, how many standard units and custom units should the come produce each month to maximize monthly profit? b. If LMC produces at the level found in requirement (a), how much will monthly profit increase over the current production schec Complete this question by entering your answers in the tabs below. Required A Required B If LMC produces at the level found in requirement (a), how much will monthly profit increase over the current production schedule? (Do not round intermediate calculations.) increases profits by