A supermarket manager estimates that a total of 400 cases of soup will be sold at a steady rate during the coming year and it costs $1 to store a case for a year. He also estimates that the handling cost for each delivery is $800. What is the optimal reorder quantity that minimizes costs?
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A supermarket manager estimates that a total of 400 cases of soup will be sold at a steady rate during the coming year and it costs $1 to store a case for a year. He also estimates that the handling cost for each delivery is $800. What is the optimal reorder quantity that minimizes costs?
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- a supermarket expects to sell 1000 boxes of sugar in a year. each box costs $2 and there is a fixed delivery charge of $20 per order. if it costs $1 to store a box for a year, what is the order size and how many times a year should orders be placed to minimize inventory costs?The difference(s) between the basic EOQ model and the pro-duction order quantity model is (are) that: a) the production order quantity model does not require theassumption of known, constant demand.b) the EOQ model does not require the assumption ofnegligible lead time.c) the production order quantity model does not require theassumption of instantaneous delivery.d) all of the above.The Great North Supermarket stocks Munchkin Cookies. Demand for Munchkins is 5000 boxes per year (365 days). It costs the store $60 per order of Munchkins, and it costs $0.70 per box per year to keep the cookies in stock. Once an order for Munchkins is placed, it takes four days to reveive the order from a food distributor. Determine the following: a. Optimal order size (EOQ) b.Minimum total annual inventoy cost c. Reorder point (R) d. Number of orders e. Time between orders
- If a company has an ordering cost of $250, a carrying cost of $4 per unit, and annual product demand of 6,000 units, the total minimum inventory cost is approximately (Hint: use the optimal quantity value you find in the previous question) Group of answer choices $3,944 $3,464 $2,921 $3,250Rocky Mountain Tire Centre sells 20,000 tires of a particular type per year. The ordering cost for each order is $40, and the holding cost is 20% of the purchase price of the tires per year. The purchase price is $20. per tire if fewer than 500 tires are ordered, $18. Per tire if more than 500 but fewer than 1,000 tires are ordered and $17. per tire if 1,000 or more tires are ordered. How many tires should Rocky Mountain order each time it places an order? Quantity Unit Price 1-499 $20. 500-999 $18. 1000 & over $17 Based on available information, lead time demand for CD-ROM drives averages 50 units (normally distributed), with a standard deviation of 5 drives. Management wants a 97% service level. What value of Z should be applied? How many drives should be carried as safety stock?A product has a reorder point of 110 units and is ordered four times a year on average. The following table shows the historical distribution of demand values observed during lead time. Managers have noted that stockouts occur 30 percent of the time with this policy, and they question whether a change in inventory policy, to include some safety stock, might be an improvement. The managers realize that any safety stock would increase the service level, but they are worried about the increased costs of carrying the safety stock. Currently, stockouts are valued at $20 per unit per occurrence, while inventory carrying costs are $10 per unit per year. Demand Probability 100 0.20 110 0.35 120 0.30 130 0.15 What level of safety stock is best?
- The Economic Order Quantity (EOQ) model is a classical model used for controlling inventory and satisfying demand. Costs included in the model are holding cost per unit, ordering cost, and the cost of goods ordered. The assumptions for that model are that only a single item is considered, that the entire quantity ordered arrives at one time, that the demand for the item is constant over time, and that no shortages are allowed. Suppose we relax the first assumption and allow for multiple items that are independent except for a restriction on the amount of space available to store the products. The following model describes this situation: Let Dj = annual demand for item j Cj = unit cost of item j Sj = cost per order placed for item j i = inventory carrying charge as a percentage of the cost per unit W = the maximum amount of space available for all goods wj = space required for item j The decision variables are Qj , the amount of item j to order. The model is: In…Petromax Enterprises uses a continuous review policy to manage the inventory for one of its SKUs. The following information is available on the item. The firm operates 50 weeks in a year. Demand = 90,000 units/year Ordering Cost = $60/Order Holding Cost = $3/Unit/Order Lead Time = 10 weeks Standard Deviation of Weekly Demand = 200 units Suppose due to some recent changes to the target service level, they have determined the reorder point to be 20,000. If the inventory position of this SKU is currently 19,600, how many units should they order? (Round your answer to the nearest whole number, if it has decimals. Input 0 if they should not order now.)The primary objective of the basic economic order quantity model is a. to calculate the reorder point so that resupply takes place at the proper time. b. to minimize the sum of carrying cost and holding cost. c. to maximize the customer service level. d. to minimize the sum of the total ordering and holding costs. e. to calculate the optimum safety stock.
- The Economic Order Quantity (EOQ) model is a classical model used for controlling inventory and satisfying demand. Costs included in the model are holding cost per unit, ordering cost and the cost of goods ordered. The assumptions for that model are that only a single item is considered, that the entire quantity ordered arrives at one time, that the demand for the item is constant over time, and that no shortages are allowed. Suppose we relax the first assumption and allow for multiple items that are independent except for a restriction on the amount of space available to store the products. The following model describes this situation: Let Dj = annual demand for item j Cj = unit cost of item j Sj = cost per order placed for item j i = inventory carrying charge as a percentage of the cost per unit W = the maximum amount of space available for all goods wj = space required for item j The decision variables are Qj, the amount of item j to order. The model is:…The Economic Order Quantity (EOQ) model is a classical model used for controlling inventory and satisfying demand. Costs included in the model are holding cost per unit, ordering cost and the cost of goods ordered. The assumptions for that model are that only a single item is considered, that the entire quantity ordered arrives at one time, that the demand for the item is constant over time, and that no shortages are allowed. Suppose we relax the first assumption and allow for multiple items that are independent except for a restriction on the amount of space available to store the products. The following model describes this situation: Let Dj = annual demand for item j Cj = unit cost of item j Sj = cost per order placed for item j i = inventory carrying charge as a percentage of the cost per unit W = the maximum amount of space available for all goods wj = space required for item j The decision variables are Qj, the amount of item j to order. The model is: (view…The Interstate Carpet Discount Store has annual demand of10,000 yards of Super Shag carpet. The annual carrying costfor a yard of this carpet is $1.25, and the ordering cost is$300. The carpet manufacturer normally charges the store $8per yard for the carpet. However, the manufacturer has offered a discount price of $6.50 per yard if the store will order5000 yards. How much should the store order, and what willbe the total annual inventory cost for that order quantity?