The Kelley Uniform Shop is trying to determine how many Logo Backpacks to order for the upcoming academic year.

Demand for the Backpacks is assumed to follow a normal distribution, with a mean of 1200 and a standard deviation of

175. The contract between the shop and their supplier works as follows:

At the start of the season the shop reserves X number of Backpacks. They must then take delivery on for at least 85% of

their initial order. If needed, they can take deliwry of the remaining 15% of their order. Each Backpack costs the shop S

to order and they sell them for $120.

If the shop dot

ordered. For e

Demand is 98(

Backpacks abo

ordering amoL

Build a simula

order quantiti

Max profits. At

Please compte

S not take delivery for all ordered Backpacks, they will owe their supplier a 515 penalty on each item not

ample, the shop orders 1000 Backpacks (meaning 1000' , 85 or 850 at a minimum would be purchased}

ve dnd. The shop will not be able to order additional Backpacks if demand outpaces their initial

nt.

ion model that evaluates profit for this order cycle. Simulate 1000 iterations and build into your model

5 from 1000 to 14 in increments of 50 units. Calculate the Average, Sample Standard Deviation, Min, a

lditionally, calculate the percentage of the time that the shop makes a profit of greater than 570,000.

: e thls problem usinB only Excefs native tools, Including random variable functions and data tables.