A manufacturer of violins sells 4,900 units per year. On average, the manufacturer has 1,100 violins in Inventory. Round your answer to one decimal place. What are the manufacturer's annual inventory turns? turns per year
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- The chapter presented various approaches for the control of inventory investment. Discuss three additional approaches not included that might involve supply chain managers.Weekly Average Demand 110 Standard deviation of (weekly) demand 30 Setup cost ($) 1400 Lead time (in weeks) 2 Procurement cost ($) 200 Holding cost /unit/week ($) 3 You are given the demand and inventory related information about a grocery store’s product in the table. The store is open for 46 weeks in a year. What is the reorder point if it wants to achieve a service level of 97%? (Do not round your intermediate calculations. Round your final answers to the nearest whole number.A pharmacist is trying to determine the inventory order and stock levels for a particular drug. The following information is available about the drug. Demand (D) 85 tablets/week Working weeks per year 52 weeks Unit holding cost per year (H) $6 Order cost (S) $44/order Standard deviation of weekly demand (sd) 15 tablets Lead time (L) 2 weeks Desired cycle service level 95% If the pharmacist uses the continuous review (Q) system to control the inventory of the drug, what would be the order quantity and reorder point? If the pharmacist uses the periodic review (P) system to control the inventory of the drug, what would be the review interval and target inventory level? (Hint: Use the EOQ model to derive the review interval P)
- A firm cost of good sold averages P2,000,000 per month, and it keeps an inventory equal to 50% of its monthly cost of good sold on hand at all times. Using a 365 -day year, what is its inventory conversion period? Standford Packing had sales of P3.2 million and a gross profit margin of 35% last year. If Standford inventory averaged P0.4 million last year, What was the length of the average age of inventory?40) PLEASE HELP WITH THIS! Gentle Ben's Bar and Restaurant uses 5,000 quart bottles of an imported wine each year. The effervescent wine costs $3 per bottle and Is served only in whole bottles because it loses its bubbles quickly. Ben figures that it costs $10 each time an order is placed, and holding costs are 20 percent of the purchase price. It takes three weeks for an order to arrive. Weekly demand is 100 bottles (closed two weeks per year) with a standard devlation of 30 bottles. Ben would like to use an inventory system that minimizes inventory cost and will provide a 95 percent service probability. b. At what inventory level should he place an order? Note: Use Excel's NORM.S.IN( function to find the z value. Round z value to 2 decimal places and final answer to the nearest whole number.What is the purpose of inventory control?
- Describe the inventory models of stochastics? What is the use of when?On the basis of the following data, estimate the cost of the inventory at June 30 by the retail method: Cost Retail June 1 Inventory $165,000 $275,000 June 1–30 Purchases (net) 2,361,500 3,800,000 June 1–30 Sales 3,550,000 blankCost of the InventoryJune 30 Cost Retail $- Select - $- Select - - Select - - Select - $- Select - $- Select - Ratio of cost to retail price: fill in the blank 10% - Select - $- Select - $- Select -Do you think the safety stock (safety inventory) could be negative? What is the meaning of a negative safety inventory (hint: safety stock is the difference between the optimal inventory and the average demand)?
- Explain what is meant by the expression " robust model."Specifically, what would you tell a manager who exclaimed,"Uh-oh, we're in trouble! The calculated EOQ is wrong; . jactual demand is 10% greater than estimated."Explain briefly the elements of inventory management?Describe inventory accuracy and cycle counting ?