Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please answer at least iv, v, and vi Best Plastics produces a line of cell phone covers. Its best-selling cover is the Cobra model, a
Please answer at least iv, v, and vi
Best Plastics produces a line of cell phone covers. Its best-selling cover is the Cobra model, a slim but very durable black plastic cover. The annual fixed cost for the Cobra model is $234,000. This fixed cost includes management time, advertising, and other costs. In addition, the variable cost, including labor and material costs, is $2 for each unit produced Best Plastics sells the Cobra for $3.50 per unit. The exact demand for next year is not known. Best Plastics wants to analyze the possible profit against different quantities. Define "q" as the quantity (number of units) required next year. Define TMC(9) as the total cost to manufacture q units. Define TR(q) as the total revenue from selling q units. a. Write the algebraic equations for TMC(q) and TR(q). b. Define TP(q) as the total profit from selling q units, that is, TR(q) - TMC(q). Write the algebraic equation for TP(q). C. Below is a screenshot of an Excel Template: A B C D E Quantity Profit Best Plastic 3 Cost Input 4 Fixed Cost 5 Variable Cost 234000 7 Selling price per unit Variable (a) 10 Quantity 25000 50000 75000 100000 125000 150000 175000 200000 225000 250000 275000 300000 12 Model 13 Total Revenue 14 Total Manufacturing Cost 15 Total Profit Answer all the following: i) What is the exact cell entry in B13? Give the entry in terms of cell references not variable names (e.g., =A12+B20) What is the exact cell entry in B14? What is the exact cell entry in B15? iv) In columns D and E, we want to produce the profit values using Excel's data table option. What is the exact entry in E2? When doing the data table, you will get: Data Table ? x Row input cell: Column input cell: Cancel v) What is the entry in "Row input cell? vi) What is the entry in "Column input cell? d. Hand compute (Show Work) the breakeven quantity. e. We could have used Excel to do the hand computation of part (d) with Goal Seek. Below is the Goal Seek dialog box: Goal Seek ? X Set cell: To value: By changing cell: OK Cancel What is the entry in "Set cell"? ii) What is the entry in To value"? What is the entry in By changing cell? iii) Best Plastics produces a line of cell phone covers. Its best-selling cover is the Cobra model, a slim but very durable black plastic cover. The annual fixed cost for the Cobra model is $234,000. This fixed cost includes management time, advertising, and other costs. In addition, the variable cost, including labor and material costs, is $2 for each unit produced Best Plastics sells the Cobra for $3.50 per unit. The exact demand for next year is not known. Best Plastics wants to analyze the possible profit against different quantities. Define "q" as the quantity (number of units) required next year. Define TMC(9) as the total cost to manufacture q units. Define TR(q) as the total revenue from selling q units. a. Write the algebraic equations for TMC(q) and TR(q). b. Define TP(q) as the total profit from selling q units, that is, TR(q) - TMC(q). Write the algebraic equation for TP(q). C. Below is a screenshot of an Excel Template: A B C D E Quantity Profit Best Plastic 3 Cost Input 4 Fixed Cost 5 Variable Cost 234000 7 Selling price per unit Variable (a) 10 Quantity 25000 50000 75000 100000 125000 150000 175000 200000 225000 250000 275000 300000 12 Model 13 Total Revenue 14 Total Manufacturing Cost 15 Total Profit Answer all the following: i) What is the exact cell entry in B13? Give the entry in terms of cell references not variable names (e.g., =A12+B20) What is the exact cell entry in B14? What is the exact cell entry in B15? iv) In columns D and E, we want to produce the profit values using Excel's data table option. What is the exact entry in E2? When doing the data table, you will get: Data Table ? x Row input cell: Column input cell: Cancel v) What is the entry in "Row input cell? vi) What is the entry in "Column input cell? d. Hand compute (Show Work) the breakeven quantity. e. We could have used Excel to do the hand computation of part (d) with Goal Seek. Below is the Goal Seek dialog box: Goal Seek ? X Set cell: To value: By changing cell: OK Cancel What is the entry in "Set cell"? ii) What is the entry in To value"? What is the entry in By changing cell? iii)Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started