Inventory cost Number of workers New workers needed Hiring costs Grand Total Costs 4. Use the table below to illustrate a chase production plan. Joshua has 500 units on hand to start and he wants to end the year with about the same. Layoff costs are $600 per worker (cost of severance, paperwork, etc.). It costs Joshua $600 each time he wants to hire a new worker. Starting values Month 1 2 3 4 5 6 7 8 9 10 11 12 Total Demand 950 1150 1200 1300 1350 1350 1300 1200 1100 1100 1050 900 Production Inventory Inventory cost Number of workers Nett workers needed or layed off Hiring and layoff costs Grand Total Costs 5.Analyze the 2 plans. Comment about what plan you consider to be better. Why? Aggregate Planning Exercise Joshua's Materials Handling Supply Company manufactures pallet jacks ("Josh's Jacks") for warehouse operators. Joshua's Demand Planner has forecasted the requirements for a category of pallet jacks for the coming year, and has included some of the information in the tables below. Assue that each month contains th same number of working days. 1. Using a level production strategy, calculate the ending inventory values by month in the chart below. Joshua has 500 units of inventory on hand to start the year, and he wants to end the year with about the same on hand. Starting values (2 marks) Month 1 2 3 4 5 6 7 8 9 10 12 Total 11 1050 Demand 950 1150 1200 1300 1350 1350 1300 1200 1100 1100 900 13950 Production Inventory 2. If inventory carrying cost is $2.00 per unit per month, assessed at the end of each month, what would the total costs be with this level strategy? Starting values 1 3 4 5 61 7 8 9 10 11 12 Total (3 marks) Month Demand 2 1150 950 1200 1300 1350 1350 1300 1200 1100 1100 1050 900 Production Inventory Inventory cost 3. Joshua starts with 15 workers on staff. Each worker can produce 50 units per month. It costs $600 to hire a single new worker. Show the total hiring costs, and inventory costs, using the same production strategy as in Question 2 above. Starting values (4 marks) Month 1 2 3 4 5 6 7 8 9 10 11 12 Total Demand 9501 1150 1200 1300 1350 1350 1300 1200 1100 1100 1050 900 Production Inventory