Determinetheordering, holding, andtotal inventory costs forthe currentorderquantity. Determine the economic order quantity (EOQ). How many orders will be placed per year using the EOQ?
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1.An auto parts supplier sells Hardy-brand batteries to car dealers and auto mechanics. Theannual demand is approximately 1,400 batteries. The supplier pays $32 for each batteryandestimates that the annual holding cost is 30 percent of the battery's value. It costs approximately$25 to place an order (managerial and clerical costs). The supplier currently orders 140batteriesper month.
- Determinetheordering, holding, andtotal inventory costs forthe currentorderquantity.
- Determine the economic order quantity (EOQ).
- How many orders will be placed per year using the EOQ?
- Determine the ordering, holding, and total inventory costs for the EOQ. Howhas ordering cost changed? Holding cost? Total inventory cost?
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- Retailer Budget D. Tomlinson Retail seeks your assistance in developing cash and other budgetinformation for May, June, and July. The store expects to have the following balances at the end ofApril:Cash $ 5,500Accounts receivable 437,000Inventories 309,400Accounts payable 133,055The firm follows these guidelines in preparing its budgets:∙ Sales. All sales are on credit with terms of 3/10, n/30. Tomlinson bills customers on the last day ofeach month. The firm books receivables at gross amounts and collects 60% of the billings withinthe discount period, 25% by the end of the month, and 9% by the end of the second month. Thefirm’s experience suggests that 6% is likely to be uncollectible and is written off at the end of thethird month.∙ Purchases and expenses. All purchases and expenses are on open account. The firm pays its payables over a 2-month period with 54% paid in the month of purchase. Each month’s units of endinginventory should equal 130% of the next month’s cost of sales. The…The Rahway, New Jersey, plant of Metalcase, a manufacturer of office furniture, produces metaldesks at a rate of 200 per month. Each desk requires 40 Phillips head metal screws purchasedfrom a supplier in North Carolina. The screws cost 3 cents each. Fixed delivery charges and costsof receiving and storing shipments of the screws amount to about $100 per shipment, independently of the size of the shipment. The firm uses a 25 percent interest rate to determineholding costs. Metalcase would like to establish a standing order with the supplier and is considering several alternatives. What standing order size should they use?I Carry rents trucks for moving and hauling. Each truck costs the company anaverage of $8,000, and the inventory of trucks varies monthly depending on thenumber that are rented out. During the first eight months of last year, I Carry hadthe following ending inventory of trucks on hand:Month Number of Trucks Month Number of TrucksJanuary 26 May 13February 38 June 9March 31 July 16April 22 August 5I Carry uses a 20 percent annual interest rate to represent the cost of capital.Yearly costs of storage amount to 3 percent of the value of each truck, and the costof liability insurance is 2 percent.a. Determine the total handling cost incurred by I Carry during the period Januaryto August. Assume for the purposes of your calculation that the holding costincurred in a month is proportional to the inventory on hand at the end of themonth.b. Assuming that these eight months are representative, estimate the average annual cost of holding trucks
- 3. Cynthia Knott’s oyster bar buys fresh Louisiana oysters for $5 per pound and sells them for $12 per pound. Any oysters not sold that day are sold to her cousin, who has a nearby grocery store, for $1 per pound. Cynthia believes that demand follows the normal distribution, with a mean of 100 pounds and a standard deviation of 15 pounds. a) What is the cost of underestimating demand for each pound? b) What is the overage cost per pound? c) How many pounds of oyster should she order each day? d) What is the stockout risk for this order size?Abduallh, the Internal auditor of TATI Company recommends to the top management about the need for using stock tracking software to ensure effective store management. Which of the following statement holds true about the above statement? a. It’s an example of Whistle blowing since it is reported to the top Management b. It is not an example of Whistleblowing since there is no wrongdoing reported c. It’s an example of Whistle blowing since it is an internal matter of the business d. It’s an example of whistle blowing since it is to protect the company’s best interestHau Lee Furniture, Inc., described in Example 1of this chapter, finds its current profit of $10,000 inadequate.The bank is insisting on an improved profit picture prior toapproval of a loan for some new equipment. Hau would like toimprove the profit line to $25,000 so he can obtain the bank’sapproval for the loan.a) What percentage improvement is needed in the supplychain strategy for profit to improve to $25,000? What isthe cost of material with a $25,000 profit?b) What percentage improvement is needed in the sales strategy for profit to improve to $25,000? What must sales befor profit to improve to $25,000?
- A firm is faced with the attractive situation in which it canobtain immediate delivery of an item it stocks for retailsale. The firm has therefore not bothered to order the item in any systematic way. However, recently profits have beensqueezed due to increasing competitive pressures, and thefirm has retained a management consultant to study itsinventory management. The consultant has determined thatthe various costs associated with making an order for theitem stocked are approximately $70 per order. She has alsodetermined that the costs of carrying the item in inventoryamount to approximately $27 per unit per year (primarilydirect storage costs and forgone profit on investment ininventory). Demand for the item is reasonably constantover time, and the forecast is for 16,500 units per year.When an order is placed for the item, the entire order isimmediately delivered to the firm by the supplier. The firm operates 6 days a week plus a few Sundays, or approxi-mately 320 days per year.…Rafiuddin, the Internal auditor of Oreedoo Oman Ltd. recommends to the top management about the need for using stock tracking software to ensure effective store management. Which of the following statement holds true about the above statement?a.It’s an example of whistle blowing since it is to protect the company’s best interestb.It’s an example of Whistle blowing since it is reported to the top Managementc.It is not an example of Whistleblowing since there is no wrongdoing reportedd.It’s an Example of Whistle blowing since it is an internal matter of the businessWhich of the following is most controllable by company management? a. The environmental factors, particularly the competitive and economic factors b. The elasticity of demand c. The proportions of debt and equity used to finance the company’s assets d. The long-term bond yield and the equity risk premium
- AutoTime, a manufacturer of electronic digital timers, has a monthly fixed cost of $50,000 and a production cost of $7 for each timer manufactured. The timers sell for $15 each. (a) What is the cost function C(x)?C(x) = (b) What is the revenue function R(x)?R(x) = (c) What is the profit function P(x)?P(x) = (d) Compute the profit (loss) corresponding to production levels of 3000, 6000, and 11,000 timers, respectively. (Input a negative value to indicate a loss.) 3000 timers $ 6000 timers $ 11,000 timers $Rahman, the Internal auditor of Al-Hind LLC recommends to the top management about the need for using stock tracking software to ensure effective store management. Which of the following statement holds true about the above statement? a. It’s an Example of Whistle blowing since it is an internal matter of the business b. It’s an example of whistle blowing since it is to protect the company’s best interest c. It’s an example of Whistle blowing since it is reported to the top Management d. It is not an example of Whistleblowing since there is no wrongdoing reportedI need a detailed assistance to solve this problem in: Operations Analysis. 3) A chemical manufacturer produces a compound at the rate of 10,000 pounds a day over 250 days each year. Annual demand for that compound is 600,000 pounds per year, and each pound sells for $3.90. There is a fixed setup cost of $1,500 for each production run, and a variable cost of $3.50 for each pound produced. The following costs are incurred: Interest rate on the cost of capital is 22% per annum (annually). Storage and handling costs amount to 12% of the compounds cost per annum. a)- What is the optimal production lot for the compound (write down the model name, its parameters and formula)? b)- Compute the uptime, downtime and cycle time in days, and find the cycle fraction of uptime and the cycle fraction of downtime (include the formula). c)- What are average annual holding and setup costs for the compound (include the formula)? d) - What is the annual profit for this compound?