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Craftsman is developing an aggregate plan for a popular line of push powers. The company has collected the following key inputs for its aggregate planning process in Table 1. Table 1 The company has forecasted the demand for the 6 months of the planning horizon and provided the forecasts in Table 2. Table 2 Compare a chase strategy using hires and layoffs to a level strategy with inventory and backorders. 1. Calculate the total cost over the planning horizon for the chase strategy using hires and layoffs. 2. Calculate the total cost over the planning horizon for a level strategy that uses inventory but no backorders. - How should you set the production level to minimize the cost of this plan? - Round up the nearest whole unit when deriving the production value to use in each period. Table 2 Compare a chase strategy using hires and layoffs to a level strategy with inventory and backorders. 1. Calculate the total cost over the planning horizon for the chase strategy using hires and layoffs. 2. Calculate the total cost over the planning horizon for a level strategy that uses inventory but no backorders. - How should you set the production level to minimize the cost of this plan? - Round up the nearest whole unit when deriving the production value to use in each period. Which plan has the lowest total horizon cost? Enter the absolute difference between the total horizon costs of the two plans (chase plan vs. level plan with no backorders) - Carry all calculations to 3 decimal places. - Enter your final answer rounded to the nearest dollar