Problem 4-19 (Algorithmic) The Silver Star Bicycle Company will be manufacturing both men's and women's models of its Easy-Pedal 10-speed bicycles during the next two months. Management wants to develop a production schedule indicating how many bicycles of each model should be produced in each month. Current demand forecasts call for 160 men's and 135 women's models to be shipped during the first month and 210 men's and 160 women's models to be shipped during the second month. Additional data are shown: Model Men's Women's Production Costs Labor Requirements (hours) Manufacturing Current Assembly Inventory $140 1.6 1.9 20 $110 1.4 1.2 30 Last month the company used a total of 1000 hours of labor. The company's labor relations policy will not allow the combined total hours of labor (manufacturing plus assembly) to increase or decrease by more than 100 hours from month to month. In addition, the company charges monthly inventory at the rate of 2% of the production cost based on the inventory levels at the end of the month. The company would like to have at least 25 units of each model in inventory at the end of the two months. a. Establish a production schedule that minimizes production and inventory costs and satisfies the labor-smoothing, demand, and inventory requirements. What inventories will be maintained, and what are the monthly labor requirements? If required, round your answers to the nearest whole number. Production schedule: The optimal solution is to produce of the men's model in month 1, of the men's model in month 2, units of the women's model in month 1, and of the women's model in month 2. Total Cost = $ Inventory Schedule Month 1 Men's Women's Month 2 Men's Women's