Determine the ending inventory balance using the FIFO (First-In, First-Out) method. Beginning inventory = 50 units at $10 per unit, Purchases = 100 units at $12 per unit, Sales = 80 units.
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Determine the ending inventory balance using the FIFO (First-In, First-Out) method. Beginning inventory = 50 units at $10 per unit, Purchases = 100 units at $12 per unit, Sales = 80 units.
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- Womble Inc. has beginning inventory of $200 and an ending inventory of $400 for a given periodin which it purchased $13,400 worth of materials. What is the dollar amount of materials used inthis period?Brenda opened a pool and spa store in a lively shopping mall and finds business to be booming but she often stocks out of key items customers want. The 28-ounce bottle of Super Algaecide (SA) is a high margin SKU, but it stocks out frequently. Ten SA bottles come in each box, and she orders boxes from a vendor 160 miles away. Brenda is busy running the store and seldom has time to review store inventory status and order the right quantity at the right time. She collected the following data: Demand = 10 boxes per week Store open = 48 weeks/year Order cost = $36/order Lead-time = 5 weeks Item cost = $72/box Std. deviation in weekly demand = 6 Inventory-holding cost = 25 percent per year Service level = 90 percent Brenda wants to consider setting up a fixed-period inventory system for the 28-ounce bottle of Super Algaecide (SA) SKU. At the beginning of the current week, D. J. Kole, the materials manager, checked the inventory level and found 80 units on-hand. There were no…Brenda opened a pool and spa store in a lively shopping mall and finds business to be booming but she often stocks out of key items customers want. The 28-ounce bottle of Super Algaecide (SA) is a high margin SKU, but it stocks out frequently. Ten SA bottles come in each box, and she orders boxes from a vendor 160 miles away. Brenda is busy running the store and seldom has time to review store inventory status and order the right quantity at the right time. She collected the following data: Demand = 10 boxes per weekStore open 48 weeks/yearOrder cost = $40/orderLead-time = 4 weeksItem cost = $80/boxStd. deviation in weekly demand = 6Inventory holding cost = 15% per yearService level = 90% Brenda wants to consider setting up a fixed-period inventory system for the 28-ounce bottle of Super Algaecide (SA) SKU. At the beginning of the current week, D. J. Kole, the materials manager, checked the inventory level and found 55 units on-hand. There were no scheduled receipts, and 25 units…
- A manager receives a forecast for next year. Demand is projected to be 570 units for the first half of the year and 930 units for the second half. The monthly holding cost is $2 per unit, and it costs an estimated $55 to process an order.Statement 1 – For providing higher service levels an organization must hold higher levels of inventory. Statement 2 – A perfect order is a key measure of supply chain performance a. True, True b. False, True c. True, False d. False, FalseThe materials manager for a billiard ball maker must periodically place orders for resin, one of the raw materials used in producing billiard balls. She knows that manufacturing uses resin at a rate of 50 kilograms each day, and that it costs $.04 per day to carry a kilogram of resin in inventory. She also knows that the order costs for resin are $100 per order, and that the lead time for delivery is four days. If the order size was 1,000 kilograms of resin, what would be the average inventory level?
- What is the ABC method of inventory control? Demonstrate your understanding of ABC analysis with a practical example?You are the manager of a retail store that sells home theater systems among other products. The weekly demand for these systems is 600. The warehouse you rent to store the inventory of home security systems charges you $8 per month for holding each unit of inventory. You buy these systems from a very reliable supplier for $250 per piece and sell each for $500 per piece. Each time you place an order to buy the systems from your supplier, you pay $416 as a fixed fee per order regardless of the quantity. Once the order is placed, the supplier takes exactly 1 week to deliver the order regardless of the quantity ordered. Please use this information to answer the following questions: a) What is the optimal order quantity (i.e. Economic Order Quantity OR EOQ - i.e. what quantity should be ordered per order) that would minimize the total annual ordering and holding costs? b) What is the ideal reorder level assuming no safety stock (i.e. the inventory level at which you should place the…You are the manager of a retail store that sells home theater systems among other products. The weekly demand for these systems is 600. The warehouse you rent to store the inventory of home security systems charges you $8 per month for holding each unit of inventory. You buy these systems from a very reliable supplier for $250 per piece and sell each for $500 per piece. Each time you place an order to buy the systems from your supplier, you pay $416 as a fixed fee per order regardless of the quantity. Once the order is placed, the supplier takes exactly 1 week to deliver the order regardless of the quantity ordered. Please use this information to answer the following questions: a) What is the optimal order quantity (i.e. Economic Order Quantity OR EOQ - i.e. what quantity should be ordered per order) that would minimize the total annual ordering and holding costs? b) What is the ideal reorder level assuming no safety stock (i.e. the inventory level at which you should place the…
- Tasty Treats is a distributor of candy and snack products serving customers in a six-state region of the midwestern United States. Bill Jones, chief operations officer, has been concerned about inventory levels and inventory performance at Tasty Treats for quite some time. In speaking with Jim Busfield, chief executive officer of Tasty Treats, Bill voiced some of his concerns: “Jim, we carry over 5,000 different items in inventory. I have a feeling that we just don’t have a good handle on the proper approach to managing this part of our operations. We don’t have any real analysis that tells us how much we should carry of each item. We just use simple rules of thumb to determine how much we should order from our suppliers. For example, we sell an average of 100 cases of Chocolate Chewies every day. When we order Chocolate Chewies from our supplier, it usually takes about 10 days for us to get the order. So, we order 1,000 cases of Chocolate Chewies every 10 days. I also try to keep an…A firm cost of good sold averages P2,000,000 per month, and it keeps an inventory equal to 50% of its monthly cost of good sold on hand at all times. Using a 365 -day year, what is its inventory conversion period? Standford Packing had sales of P3.2 million and a gross profit margin of 35% last year. If Standford inventory averaged P0.4 million last year, What was the length of the average age of inventory?The JIT solution: Requires carrying materials inventory in order to lower the cost of inventory without production delays Requires selection of vendors based on lowest cost alone Exploits supplier linkages by negotiating long term contracts with a few chosen supplies located closest to the production facility and establishing more supplier involvement Requires a solid forecast to push production