FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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A furniture company manufactures desks and chairs. Each desk uses four units of wood, and each chair uses three units of wood. A desk contributes $250 to profit, and a chair contributes $145. Marketing restrictions require that the number of chairs produced be at least four times the number of desks produced. There are 2000 units of wood available. a.    Use Solver to maximize the company’s profit. b.    Confirm graphically that the solution in part a maximizes the company’s profit. c.    Use SolverTable to see what happens to the decision variables and the total profit when the availability of wood varies from 1000 to 3000 in 100-unit increments. Based on your findings, how much would the company be willing to pay for each extra unit of wood over its current 2000 units? 

I got through part a and need help on the last 2 parts. Please use the attached template.

A B C ·
V
Insert Draw Page Layout
Formulas
Calibri
11
A
Α Α΄
V
BI U ✓ ✓ ✓ Av
822
X V
fx
A
B
C
D
1 Manufacturing desks and chairs
2
3 Inputs
4
Unit margins
Wood usage per unit
Decisions
9
10 Units produced
11
12 Constraint on wood
13
14
15
16 Constraint on chairs
17
18
19
20 Objective to maximize
21 Profit
22 # of desks produced is 125
23 # of chairs produced is 500
24 Profit is $103,750
25
O
Home
5
Paste
5
6
7
8
lamu
26
27
28
285
29
30
31
32
33
34
35
36
37
38
29
Ready
Desks
$250
4
Desks
125
Wood used
2000
Chairs produced
Answer Report 1
-4
0 »
$103,750
Chairs
$145
3
Chairs
500
Wood available
2000
Chairs required
1
0
Answer Report 2
Sensitivity Report 1
MAY
26
Data Review View
= =
三三三班班
E
F
THE
Tell me
ab Wrap Text v
Sensitivity Report 2
Module 2 Problem Workbook
General
$ % 9 500 000
V
J
K
L
Merge & Center v
G
H
all N
P3-26
1
p3-34
+
A T
MA
Conditional Format
Formatting as Table
M
N
R X
W
Cell
Styles
0
expand button
Transcribed Image Text:A B C · V Insert Draw Page Layout Formulas Calibri 11 A Α Α΄ V BI U ✓ ✓ ✓ Av 822 X V fx A B C D 1 Manufacturing desks and chairs 2 3 Inputs 4 Unit margins Wood usage per unit Decisions 9 10 Units produced 11 12 Constraint on wood 13 14 15 16 Constraint on chairs 17 18 19 20 Objective to maximize 21 Profit 22 # of desks produced is 125 23 # of chairs produced is 500 24 Profit is $103,750 25 O Home 5 Paste 5 6 7 8 lamu 26 27 28 285 29 30 31 32 33 34 35 36 37 38 29 Ready Desks $250 4 Desks 125 Wood used 2000 Chairs produced Answer Report 1 -4 0 » $103,750 Chairs $145 3 Chairs 500 Wood available 2000 Chairs required 1 0 Answer Report 2 Sensitivity Report 1 MAY 26 Data Review View = = 三三三班班 E F THE Tell me ab Wrap Text v Sensitivity Report 2 Module 2 Problem Workbook General $ % 9 500 000 V J K L Merge & Center v G H all N P3-26 1 p3-34 + A T MA Conditional Format Formatting as Table M N R X W Cell Styles 0
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What are the steps to get the graph in part b?

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