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- Fruitcake Specialists sells 36,000 fruit cakes annually. Annual carrying costs are P5 per fruit cake and the ordering costs are P100 per order. The firm has decided to maintain a safety stock of one month's sales or 3,000 fruit cakes. The delivery time per order is 5 days. Assume a 365-day a year. What is the EOQ? What is the average inventory? How many orders should be placed each year? What is the total inventory cost? What is the re-order point?The retail shop averages demand of 100 chocolate chip cookies per day, with a 10 cookie standard deviation. Based on the previous chocolate chip production, lead time for reorder is 3 days (0 standard deviation) since there is no shipping involved. Management would like to ensure a 90% service level for its customers. Use Excel template to calculate the reorder point (ROP)d) Given the EOQ, what is the total annual cost of managing (ordering and holding) the inventory? (round your response to two decimal places) e) What is the time between orders? [ ] days ( round your response to two decimal places. f) What is the reorder point (ROP)? [ ] units (round your response to two decimal places)
- Samantha Ross is the procurement manager for the headquarters of a large Financial company chain with a central inventory operation. Ross’ quick-moving inventory item has a demand of 7,000 units per year. Each unit cost $120, and the inventory holding cost is $15 per unit per year. The average ordering cost is $31 per order. It takes about 6 days for an order to arrive. (This is a corporate 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 year?Samantha Ross is the procurement manager for the headquarters of a large Financial company chain with a central inventory operation. Ross’ quick-moving inventory item has a demand of 7,000 units per year. Each unit cost $120, and the inventory holding cost is $15 per unit per year. The average ordering cost is $31 per order. It takes about 6 days for an order to arrive. (This is a corporate operation, and there are 250 working days per year.) a) What is the ROP?Develop a EOQ solution and calculate total relevant costs for the gross requirements in the following table*. Period 1 2 3 4 5 6 7 8 9 10 11 12 Gross requirements 20 40 30 20 20 10 40 50 *Holding cost=$1.50/unit/week; setup cost=$150; lead time=1 week; beginning inventory=40. What is the average demand per week? (enter your responses with 2 decimal places): enter your response here Calculate Economic Order Quantity (EOQ) (enter your responses as whole numbers): enter your response here Calculate the number of periods for POQ (enter your responses as whole numbers): enter your response here Develop a POQ solution (enter your responses as whole numbers). Period 1 2 3 4 5 6 7 8 9 10 11 12 Gross requirements 20…
- Michael's Mechanical sells 6,000 jettison machines annually. Each machine costs Michael's $2,000 to purchase, inventory carrying costs are 36 percent of the purchase price, and the cost of placing an order with its supplier is $150. What is the EOQ? Round your answer to the nearest whole number. machines What is the total inventory cost at the EOQ level? Do not round intermediate calculations. Round your answer to the nearest dollar. $Samantha Ross is the procurement manager for the headquarters of a large Financial company chain with a central inventory operation. Ross’ quick-moving inventory item has a demand of 7,000 units per year. Each unit cost $120, and the inventory holding cost is $15 per unit per year. The average ordering cost is $31 per order. It takes about 6 days for an order to arrive. (This is a corporate operation, and there are 250 working days per year.) g) What is the total annual cost? h) What is the ROP?RonaMart needs 1,000 coffee makers per year. The cost of each coffee maker is $78. Ordering cost is $100 per order. Carrying cost is $20 of unit cost. Lead time is 5 days. RonaMart is open 360 days/yr. What is the length of order cycle? What is the total annual cost if the EOQ quantity is ordered?
- If your average daily demand is 60 units, and the replenishment cycle (lead time) is 5 days; with 60 units of safety sock, what is the re-order point?A food processor uses approximately 27,000 glass jars a month for its fruit juice products. Because of storage limitations, a lot size of 4000 jars has been used. Monthly holding cost is $0.18 per jar, and reordering cost is $60 per order. Please answer the following questions by attaching your answers in a Word or Excel document. Show all work. Round up your answers where relevant. 1. What penalty is the company incurring by its present order size. Hint: compare the cost incurred as a result of using the current order size of 4000 jars versus the cost that would be incurred as a result of using the EOQ lot size. 2. What is the number of orders per month that would be placed if the company uses the EOQ order? 3. What is the maximum number of jars that are held in inventory in a given ordering cycle using the EOQ? 4. Assume that the firm operates 30 days per month and the lead time (LT) for each order is 5 days. What is the reorder point (ROP)? Verbally interpret the meaning of this…Dennis Sport World, a chain of sporting goods stores, sells 360,000 tennis balls per year. The tennis balls cost Dennis Sport World RM15 per dozen. Annual inventory carrying costs are 20 percent of inventory price. The cost of placing and receiving an order are RM72. Assume the inventory replenishment occurs virtually instantaneously. Based on recent experience, Dennis Sport World uses 7 days delivery time for planning purposes. (Assume 360 days in a year) TASKS a) Calculate the Economic Order Quantity. b) Calculate the number of orders to be placed. c) Calculate the total annual inventory costs. d) Determine the reorder point.