4. El Cheepee makes three models of its office chairs. Use the following data to determine the most profitable sales mix if given the following demands for the chairs. Complete the chart below Product Contribution Margin Selling Price per Unit Variable Cost per Unit Contribution Margin per Unit Labor Hours per Unit Standard $125 80 Luxury $300 175 T25 5 hours Elegant $450 215 235 7 hours 45 1.5 hours 30 Contribution Margin per Labor Hour 33.6 Assume El Cheepee can only produce 10,000 chairs total per year in the following individual quantities: Standard: Total demand Luxury: Total Demand Elegant: Total Demand 7,550 chairs 3,000 chairs 2,500 chairs How many of each models should El Cheepee produce? 7 7 Standard: Luxury: Elegant : Professor C.M.A. McKinney 2