Lagrange Multipliers - Example 1

We use the the Lagrange Multipliers Method and Excel Solver to solve the following application problem.
A Company production function for a particular product is 𝑃(𝑥,𝑦)=40𝑥^0.8 𝑦^0.2 , where 𝑥 is the number of units of labor and 𝑦 is the number of units of capital required to produce​ 𝑃(𝑥, 𝑦) units of the product. Each unit of labor costs ​$40 and each unit of capital costs ​$60. If ​$300,000 is budgeted for production of the​ product, a) determine how that amount should be allocated to maximize production, and b) what will be the maximum production possible?