Increasing the order quantity above the EOQ decreases the annual ordering cost. O True O False
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- Given this information:Lead-time demand 600 poundsStandard deviation of lead time demand 52 pounds (Assume normality.)Acceptable stockout risk during lead time 4 percenta. What amount of safety stock is appropriate?b. When should this item be reordered?c. What risk of stockout would result from a decision not to have any safety stock?Discount-Mart, a major East Coast retailer, wants todetermine the economic order quantity (see Chapter 12 for EOQformulas) for its halogen lamps. It currently buys all halogenlamps from Specialty Lighting Manufacturers in Atlanta. Annualdemand is 2,000 lamps, ordering cost per order is $30, and annualcarrying cost per lamp is $12. a) What is the EOQ?b) What are the total annual costs of holding and ordering(managing) this inventory?c) How many orders should Discount-Mart place with SpecialtyLighting per year?ECUR UMIC ORDER QUANTITY CALCULATIONS (2 QUESTIONS) Company uses 800 units of a product per year on a continuous basis. The product year and order costs of $300 per order. It takes 30 days to receive a shipment after an order is placed and the a safety stock of 5 days usage in inventory. has carrying costs of $50 A. Calculate the economic order quantity a. 98 B. Determine the reorder a. 150 days (3 CASH DISCOUNTS point. ONS) (Assume (EOQ). a 360-day year.) per unit per firm requires
- Question Two Calculate the Total annual cost D=1,500units Q*= 250 units S = $10 per order N = 5 orders per year H= $.50per unit per year T= 50 days. Question Three The following information is given to you D = 19,000 units/yr; H = $4/unit/year; S=$25/order. Calculate the EOQ, Annual holding cost and annual ordering cost. Question Four The following information is given to you, D = 200 units/yr; H = $4/unit/year; Q= 60. Calculate the annual setup cost.Define each of the following terms: c. Economic Ordering Quantity (EOQ); EOQ model; EOQ rangeQuestion 40 1 pt= The cost of a widget is $5, and the carrying rate is 40%; cost of processing an order is $25, annual demand is for 400 widgets. and supply and usage patterns are stable. Assuming you ordered at the lot size of 200 units per order (not the EOQ quantity). What is the annual ordering cost? $10 $50 O$20 O$25 Cannot be determined based on the given information. Question 41 Which of the following is not an assumption of the economic order quantity model?
- Problem 20-30 (Algo) It is your responsibility, as the new head of the automotive section of Nichols Department Store, to ensure that reorder quantities for the various items have been correctly established. You decide to test one Item and choose Michelin tires, XW size 185 x 14 BSW. A perpetual inventory system has been used, so you examine this, as well as other records, and come up with the following data: Cost per tire Holding cost Demand Ordering cost Standard deviation of daily demand Delivery lead time Order quantity $ tires 50 each percent of tire cost per year Because customers generally do not wait for tires but go elsewhere, you decide on a service probability of 90 percent. Assume the demand occurs 365 days per year. a. Determine the order quantity. (Round your answer to the nearest whole number.) 15 1,100 per year $ 22 per order 4 tires 5 daysQ.No.02. State three main principles of Inventory Management. Describe the possibleconsequences if inventory deviates from the optimum size of storage.A gift shop sells Little Lentils dolls at a steady pace of 10 per day, 310 days per year. The cost of the dolls is $5, and the gift shop uses an annual interest rate of 20 percent to compute holding cost. Question 1: Assuming an order quantity of 250 dolls and the cost of placing an order of $10, what is the average annual ordering cost (cost to place orders, not purchasing cost)? Question 2: Assuming an order quantity of 250 dolls, what is the average annual inventory holding cost?
- EOQ for Production Lots ExerciseA Power Company buys coal from a Coal mine togenerate electricity in rural areas. The Coal minecan supply coal at the rate of 3,500 tons per day for$10.50 per ton. The Power Company uses the coalat a rate of 800 tons per day and operates 365 daysper year. The annual carrying cost for coal is 20%of the acquisition cost, and the ordering cost is$5,000.a) What is the economical production lot size?b) What is the Power Company’s maximuminventory level for coal?Green Grass Industries Limited (GGIL) has used a fixed-time period inventory system that involved taking a complete inventory count of all items each month. However, increasing labor costs, are forcing GGIL, to examine alternative ways to reduce the amount of labor involved in inventory stockrooms, yet without increasing other costs, such a shortage costs. Table 10 is a random sample of 20 GGIL's items. Table 10. Annual Usage by Value of a sample of GGIL's Inventory Item Number Annual Usage ($) Item Number Annual Usage ($) 1 10,600 11 2,750 2 14,000 12 1,400 3 4,000 13 3,200 4 16,000 14 2,500 5 8,100 15 110,000 1,800 16 14,800 7 84,000 17 9,500 8. 890 18 1,700 9 940 19 3,700 10 94,000 20 12,500 a) What would you recommend GGIL to do to cut back its labor cost? (Illustrate using an ABC plan). b) Item 18 is critical to continued operations at GGIL. i. How would you recommend it be classified? ii. Give the reason(s) for your answer.QUESTIONS 1-6. Suppose the ABC Snack Company sells a Potato Chip product that has a constant annual demand rate of 3,600 bags of chips. Each bag costs ABC $3.00, and each order costs $20.00. Holding costs are 25% of the value of inventory. ABC has 250 working days per year, and the lead time is 5 days. Identify the following aspects of inventory policy. (b) (c) Question 2. What is the reorder point (in days)? Question 3. How long is the cvcle time (T, in days)?