Based on the above data: What is the Economic Order Quantity (EOQ) for this product? How many orders should be processed per year? • What is the expected time between orders? • Determine total annual cost • Calculate the Re Order Point (ROP).
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- 3. Petromax Enterprises uses a continuous review inventory control system for one of its SKUs. The following information is available on the item. The firm operates 48 weeks in a year. Refer to the table for z-values. ≻Demand = 91,000 units/year ≻Ordering cost = $38.50/order ≻Holding cost = $4.50/unit/year ≻Average lead time = 9 weeks ≻Standard deviation of weekly demand = 120 units a. The economic order quantity for this item is _____ units. (Enter your response rounded to the nearest whole number.) b. If Petromax wants to provide a 90% service level, the safety stock is _____ units (enter your response rounded to the nearest whole number) and the reorder point is ____units (enter your response rounded to the nearest whole number).Maroons Medical Supplies, Inc. must order masks from its supplier in lots of 1 dozen boxes. Given the information provided below, complete the following table: Annual demand 26,000 dozen Cost per order placed P30 Carrying cost 20% Price per dozen P7.80 Order Size (Dozen) 250 500 1,000 2,000 13,000 26,000 Number of orders Average inventory Carrying cost Order cost Total cost 1. What is the EOQ? Please include/fill the table and solve for EOQ. Thank you so much!example 15.1 Economic Order Quantity and Reorder Point Find the eco- nomic order quantity and the reorder point, given Annual demand (D) = 1,000 units Average daily demand (d) = 1,000/365 Ordering cost (S)= $5 per order Holding cost (H) = $1.25 per unit per year Lead time (L) = 5 days Cost per unit (C) = $12.50 %3D %3D %3D What quantity should be ordered?
- For a given product, the order placement cost is $5, the holding cost per unit per year is $10, and annual demand is 1,600 units. If the EOQ is used, please answer the following questions: (please show calculations to reach your answer) 1. what's the economic order quantity? 2. what's the total annual logistics costs? 3. How many orders will be placed over the course of a year? 4. How much time elapses between order placements? 5. The purchasing manager has been negotiating with the supplier, and the latter has agreed to the following terms: Lower order placement costs ($4 instead of $5) and higher holding costs ($12 instead of $10). Do you think this a good deal? Why or why not?Maroons Medical Supplies, Inc. must order masks from its supplier in lots of 1 dozen boxes. Given the information provided below, complete the following table: Annual demand 26,000 dozen Cost per order placed P30 Carrying cost 20% Price per dozen P7.80 Order Size (Dozen) 250 500 1,000 2,000 13,000 26,000 Number of orders Average inventory Carrying cost Order cost Total cost 1. What is the EOQ? Thank you so much!Epworth Co. predicts that it will use 360,000 gallons of material during the year. It anticipates that it will cost $72 to place each order. The annual carrying cost is $4 per gallon. a. Determine the most economical order quantity by using the EOQ formula. b. Determine the annual order and carrying costs at the EOQ point.
- Reorder Point Ordering: Average demand per day () is 25 units, with a std. dev. of (od) 15 units. Lead time (LT) is 49 days. Find demand during lead time (DDL), safety stock (SS) and reorder point (ROP ) for 4-sigma (z = 4). DDL= 500 units, SS = 1225 units, ROP = 1645 units DDL= 1,645 units, SS=420 units, ROP = 1225 units DDL= 1,225 units, SS = 420 units, ROP = 1645 units DDL= 0 units, SS = 1225 units, ROP = 420 units DDL= 420 units, SS = 1645 units, ROP = 420 unitsReorder Point Ordering: Average daily demand ( d) is 5 units with a std. dev. (od) of 1 unit. Average lead time ( LT) is 24 days with a std. dev. (OLT) of 1 day. The inventory manager wants to operate within 3 std. deviations (z = 3). Find the reorder point (ROP) and safety stock (S). ROP=141, SS=120 ROP=141, SS=21 ROP=120, SS=21 ROP=21, SS=141The following information relates to Unique Ltd for the year 2020: Annual Demand 408,375 unitsAnnual cost of Holding $1.50Annual cost of placing an order $500 (i) Calculate the EOQ (ii) Calculate the average inventory (iii) Calculate the total annual ordering cost (iv) Calculate the total annual inventory cost (excluding the purchase cost)
- Dairy Ice Cream sells 12,000 gallons of ice cream each month from its central storage facility. Monthly carrying costs are P0.10 per gallon and ordering costs are P50 per order. Ignore potential stock out costs and assume a 30-day month. What is the EOQ? What is the average inventory? What is the total inventory cost for the month?Thomas Kratzer is tbe purchasing manager for theheadquarters of a la rge insurance company chain with a centralinventory operation. Thomas's fas test-moving inventory itemhas a demand of 6,000 units per year. The cost of each unit is$ 100, and the inventory carrying cost is $10 per unit per year. The average ordering cost is $30 per order. It takes about 5 days for anorder to arrive, and the demand for I week is 120 units. (This is acorporate operation, and there are 250 working days per year.)a) What is the EOQ?b) What is the average inventory if the EOQ is used?c) What is the optimal number of orders per yea r?d) What is the optimal number of days in between any two orders?e) What is the annual cost of ordering and holding inventory?f) What is the total annual inventory cost, including the cost ofthe 6,000 units?Calculate total annual cost for the alternative suppliers for aproduct with following characteristics: montly demand; mean: 5000, standard deviation 2000 Holding cost: 30% Cycle service level: 98% Using EOQ formula, find the lot size. Don’t forget to add ordering cost to the total cost! Supplier 1 Supplier 2 Supplier 3 Ordering Cost(per order ) 1000 2000 5000 Cost 10 9 8 Average Lead Time ( month ) 0.5 2 2 Lead time std deviation ( month ) 0.5 1 2