answer question 1 and 2 on problem 1
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- b. Forward Thinking Limited (FTL) has used a fixed-time period inventory system that involvedtaking a complete inventory count of all items each month. However, increasing labor costs, areforcing FTL, to examine alternative ways to reduce the amount of labour involved in inventorystockrooms, yet without increasing other costs, such a shortage costs. Table 4 (below) is arandom sample of 20 FTL’s items.6Table 4. Annual Usage by Value of a sample of FTL’s InventoryItem Number Annual Usage ($) Item Number Annual Usage ($)1 10,700 11 2,8502 14,100 12 1,5003 4,100 13 3,3004 16,100 14 2,6005 8,200 15 110,1006 1,900 16 14,9007 84,100 17 9,6008 990 18 1,8009 1040 19 3,80010 94,100 20 12,600 (i) What would you recommend FTL to do to cut back its labor cost? (Illustrate using an ABCplan).Explain Inventory Management Strategies of Cadbury Company? Note: please explain it in a very detailed manner(500 words)Dara Jones, operations manager of Arrow Distributing Corp., likes to track inventory by using weeks of supply as well as by inventory turnover. Arrow Distributing Corp. Net Revenue Cost of sales Inventory Total assets $16,480 $14,740 $1,010 $9,220 a) What is its weeks of supply? weeks (round your response to two decimal places). b) What percentage of Arrow's assets are committed to inventory? % (enter your response as a percentage rounded to two decimal places). c) What is Arrow's inventory turnover? times per year (round your response to two decimal places). d) Suppose a manufacturer has an inventory turnover of 13.5 times per year. Arrow's supply chain performance relative to the manufacturer's, as measured by inventory turnover, is
- Demand for stereo headphones and MP3 players for joggers has caused Nina Industries to grow almost 50 percent over the past year. The number of joggers continues to expand, so Nina expects demand for headsets to also expand, because, as yet, no safety laws have been passed to prevent joggers from wearing them. Demand for the players for last year was as follows: MONTH DEMAND (UNITS) January 4,120 February 4,220 March 3,920 April 4,320 May 4,920 June 4,620 July 5,220 August 4,820 September 5,320 October 5,620 November 6,220 December 5,920 a. Using linear regression analysis, what would you estimate demand to be for each month next year? (Do not round intermediate calculations. Round your answers to 2 decimal places.) b. To be reasonably confident of meeting demand, Nina decides to use 3 standard errors of estimate for safety. How many additional units should be held to meet this level of confidence? (Do not round intermediate calculations. Round…Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 15 units at $40 $600 Aug. 13 Purchase 5 units at $41 205 Nov. 30 Purchase 11 units at $42 462 Available for sale 31 units $1,267 There are 9 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar). a. First-in, first-out (FIFO) $fill in the blank 1 b. Last-in, first-out (LIFO) $fill in the blank 2 c. Weighted average cost $fill in the blank 3Company B is a retailer of mobile phones in Australia that works 250 days in a year. The manager is determining a minimum-cost inventory plan for an upcoming phone to be launched in the market. She has collected the following information:• Annual demand: 800 phones• Phone cost: $1,093 each• Phone RRP: $1,249 each• Net weight: 169 g each• Tare weight: 111 g each• Annual inventory holding cost: 25%• Cost per order to replenish inventory: $70• Annual in-transit holding cost: 10%• Freight rate: $8.10 per kg• Time to process order for freight: 1 days• Freight transit time: 2 daysSolve this problem using a non-linear programming (NLP) model to determine the followings:g. The total cost for this inventory planh. The number of ordersi. Ordering pointj. The profit from this inventory plan need answer for g to j along with excel solver solution
- Company B is a retailer of mobile phones in Australia that works 250 days in a year. The manager is determining a minimum-cost inventory plan for an upcoming phone to be launched in the market. She has collected the following information:• Annual demand: 800 phones• Phone cost: $1,093 each• Phone RRP: $1,249 each• Net weight: 169 g each• Tare weight: 111 g each• Annual inventory holding cost: 25%• Cost per order to replenish inventory: $70• Annual in-transit holding cost: 10%• Freight rate: $8.10 per kg• Time to process order for freight: 1 days• Freight transit time: 2 daysSolve this problem using a non-linear programming (NLP) model to determine the followings:j. The profit from this inventory plan***** The company Marombeiro is a commercial representative of a food supplement widely consumed in gyms. The average daily demand for the product is 1,500 units and a standard deviation of 300 units. Average shipping time is 5 days. Of course, if the order is placed at the end of the week, it may take a little longer to receive the shipment, so the standard deviation of the delivery time is 2 days. The unit has a value of R$ 50.00 per unit in stock, an order cost of R$ 50.00 and an annual maintenance fee of 20%. Suppose Company Marombeiro wants to change the service to 99%. How many days of safety stock the company will have. ( )5.12 days ( )5.67 days ( )5.33 days ( )4.77 daysQuestion 1: Which of the following best defines " stockout costs"? options: A) They are physical goods used in operations. B) They are costs associated with retrieving inventory items from a workshop C) They are costs associated with interruptions to assembly lines D) They are associated with inventory being unavailable when needed to meet demand. E) None of the above. Question 2 At many LCBO stores in Ontario, Hennessy Cognac is kept in a clear locked case. Based on this information, according to the ABC Inventory Analysis method, is Hennessy most likely to be classified as an A item, a B item, a C item, or none of these? Question 2 options: A) C item B) None C) A item D) B item Question 3 What purpose does Rent the Runway's high-speed reverse logistics system serve? options: A) It allows the customers to return inventory to the fulfillment centre in record time. B) It allows the company to send inventory out to recipients (customers) in record time. C) It allows customers to return…
- Company B is a retailer of mobile phones in Australia that works 250 days in a year. The manager would like you to determine a minimum-cost inventory plan for an upcoming mobile phone to be launched in the market. They have collected the following information: • Annual demand: 750 phones • Phone cost: $1,005 each• Phone RRP: $1,149 each• Net weight: 167 g each • Tare weight: 257 g each• Annual inventory holding cost: 27.5%• Cost per order to replenish inventory: $81.71• Annual in-transit holding cost: 10%• Freight rate (per kg): $8.10• Freight-related charges (per shipment): $276.50 (i.e. handling fee, dangerous good fee, and lithium battery fee)• Time to process order for freight: 2 day • Freight transit time: 5 days The manager wants you to determine the following information: a. Economic order quantityb. The total purchasing costc. The total ordering cost d. The total inventory holding coste. The total transportation cost (by weight)f. The total freight-related cost (by shipment) g.…Demand for stereo headphones and MP3 players for joggers has caused Nina Industries to grow almost 50 percent over the past year. The number of joggers continues to expand, so Nina expects demand for headsets to also expand, because yet, no safety laws have been passed to prevent joggers from wearing them. Demand for the players for last year was as follows: MONTH DEMAND (UNITS) January 4,220 February 4,320 March 4,020 April 4,420 May 5,020 June 4,720 July 5,320 August 4,920 September 5,420 October 5,720 November 6,320 December 6,020 Using linear regression analysis, what would you estimate demand to be for each month next year? (Round two decimal places) To be reasonably confident of meeting demand, Nina decides to use 3 standard errors of estimate for safety. How many additional units…Inventory and supply chain management concepts (6) When is it appropriate to use an Economic-Order-Quantity (EOQ) to determine an inventory order quantity? Multiple Choice O O When product has short lifecycle and it is very expensive to buy. When product is perishable and there is cost of holding inventory. When product has long life cycle and there is fixed cost of ordering. When product's demand is uncertain and there is a known cost of under-stocking.
