The University 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 delivery of the remaining 15% of their order. Each Backpack costs the shop $60 to order and they sell them for $120.

If the shop does not take delivery for all ordered Backpacks, they will owe their supplier a $15 penalty on each item not ordered.

Build a simulation model that evaluates profit for this order cycle. Simulate 1000 iterations and build into your model order quantities from 1000 to 1400 in increments of 50 units. Calculate the Average, sample Standard Deviation, Minimum and Max profits. Additionally calculate the percentage of the time that the shop makes a profit of greater than $70,000.

Please complete this problem using only Excel's native tools, including random variable functions and data tables.