Walt's Custom Boats manufactures luxury yachts. Walt is phasing out production of his 42-foot Sportfisher that he plans to replace with a 44-foot Sportfisher. Walt currently has orders for the next four months for the 42-foot model after which he will cease production. The following data (with costs in $1000s) are for the next four months:
If Walt's current inventory of 42-foot Sportfishers is one boat, how should Walt schedule production of the 42-foot Sportfisher over the next four months to minimize the total production and inventory holding costs?
Produce 4 boats in May.
Produce 3 boats in June.
Produce 0 boats in July.
Produce 3 boats in August.
Total cost is $278,000.
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