I am laughing and find it very interesting that a Math teacher would give us a problem with not very many details. In order for me to even think about what you are asking, I would need the size of the blocks you have and how many. Having a box of them doesn't tell me a lot. Squaring them up can be done in so many ways and do you want to use them squared up & then a sashing? Do you want wonky, miscellaneous sizes? A much more interesting quilt to my way of thinking. When you say you have all colors, can we see some pictures of the blocks so that we know what we are dealing with? I think I just made an F on this problem you have presented to us. lol
FYI...I am a retired accountant. Details are a must for me.