Calculate the reorder level b) Calculate the maximum level of inventory c) Calculate the minimum (buffer) inventory level
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Jack Ltd is a market leader in the manufacture of apple juice. They operate a reorder level system of inventory management, and the following information is available for green apples:
Average usage 800 per day
Minimum usage 540 per day
Maximum usage 1260 per day
Lead time for replenishment Reorder quantity 16-20 per day
Reorder quantity 19,500 apples
Required:
a) Calculate the reorder level
b) Calculate the maximum level of inventory
c) Calculate the minimum (buffer) inventory level
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- The chapter presented various approaches for the control of inventory investment. Discuss three additional approaches not included that might involve supply chain managers.Jack Ltd is a market leader in the manufacture of apple juice. They operate a reorder level system of inventory management, and the following information is available for green apples: Average usage 800 per dayMinimum usage 540 per dayMaximum usage 1260 per dayLead time for replenishment 16 - 20 per day Reorder quantity 19,500 apples a. Calculate the reorder level 1. Calculate the maximum level of inventory 2. Calculate the minimum (buffer) inventory levelJack Ltd is a market leader in the manufacture of apple juice. They operate a reorder level system of inventory management, and the following information is available for green apples:Average usage 800 per dayMinimum usage 540 per dayMaximum usage 1260 per dayLead time for replenishment 16-20 dayReorder quantity 19,500 applesRequired:1. Calculate the reorder level ii Calculate the maximum level of inventory iii Calculate the minimum (buffer) inventory level
- The Mcdonald’s fast-food restaurant on campus sells an average of 7,200 quarter pound hamburgers a week. Hamburger patties are resupplied twice a week, and on average the store has 740 pounds of hamburger in stock. Assume that hamburger patties cost $3 a pound and there are 52 weeks in a year. What is the inventory turnover for the hamburger patties? (Round 2 decimal places) On average how many days of supply are on hand? (Round 2 Decimal places)Jack Ltd is a market leader in the manufacture of apple juice. They operate areorder level system of inventory management, and the following information isavailable for green apples:Average usage 800 per dayMinimum usage 540 per dayMaximum usage 1260 per dayLead time for replenishment 16-20 dayReorder quantity 19,500 applesRequired:a. Calculate the reorder levelEarthbound Corporation is a manufacturer and distributor of air conditioning systems. You have been engaged to install an accounting system for Earthbound period among the inventory control features earthbound desires as part of the system are indicators of how much to order and when period. The following information is furnished for a product called “Hydronix” which is carried in inventory: Hydronix are sold by the gross (12 dozen) at a list price of P800 per gross FOB shipper. John receives a 40% trade discount off list price on purchases in gross lots. Freight cost is P20 gross from the shipping point to John's plant John uses about 5,000 Hydronix during 259-day production year and must purchase a total of 36 gross per year to allow for normal breakage. Minimum and maximum usages are 12 and 28, respectively. It takes 20 working days (normal delivery time) to receive an order from the date the purchase request is initiated. A rush order in full gross lots can be received by air…
- The Uptown Kiln is an importer of ceramics from overseas. It has arranged to purchase a particular type of ceramic pottery from a Korean artisan. The artisan makes the pottery in 120-unit batches and will ship only that exact number of units. The transportation and handling cost of a shipment is $7,600 (not including the unit cost). The Uptown Kiln estimates its annual demand to be 900 units. What storage and handling cost per unit does it need to achieve in order to minimize its inventory cost?Jack Ltd is a market leader in the manufacture of apple juice. They operate areorder level system of inventory management, and the following information isavailable for green apples:Average usage 800 per dayMinimum usage 540 per dayMaximum usage 1260 per dayLead time for replenishment 16-20 dayReorder quantity 19,500 applesRequired: iii Calculate the minimum (buffer) inventory levelThe 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)
- Jim's Job Shop buys two parts (Tegdiws and Widgets) for use in its production system from two different suppliers. The parts are needed throughout the entire 52-week year. Tegdiws are used at a relatively constant rate and are ordered whenever the remaining quantity drops to the reorder level. Widgets are ordered from a supplier who stops by every three weeks. Data for both products are as follows: a. What is the inventory control system for Tegdiws? Reorder quantity = 1,225 Reorder point = 824.24 b. Find the total inventory costs if using inventory policy. This is a case considering safety stock (Do not use Excel, show your work) Holding cost per unit per year is given as a percentage of item cost ITEM TEGDIW WIDGET Annual Demand 10,000 5,000 Holding cost (% of item cost) 20% 20% Set up or order cost $150.00 $25.00 Lead Time 4 weeks 1 week Safety stock 55 units 5 units Item cost $10.00 $2.00Samantha 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?Under which conditions would a plant manager elect to use a fixed-order quantity inventory model as opposed to a fixed-time period inventory model?