KDevelop a lot-for-lot solution and calculate total relevant costs for the gross requirements in the following table*.Period1Gross requirements 30Develop a lot-for-lot solution (enter your responses as whole numbers).PeriodGross requirementsOn-hand at beginning of periodOn-hand at end of periodOrder receiptOrder release240340130U42*Holding cost = $2.50/unit/week; setup cost = $150; lead time = 1 week; beginning inventory = 40.56730 70 203408491010 8056 730 70 20811910D125010 11 128050

Lot-for-lot is an inventory management approach that entails ordering only what is required to meet…

Answered: Develop a lot-for-lot solution and…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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Hello. I need help with this Order-up-to policy question for homework. I'm stuck! You play a Retailer in the Beer Game. You receive orders directly from the Customer and place orders with the Wholesaler. When you place an order, it takes 2 weeks for the order to be received by the Wholesaler and 2 weeks for the shipment from the Wholesaler to arrive to your warehouse. One period is one week in the game. You are charged $0.5 for each unit of inventory per week, and $1.00 for each unit of backlog per week. It has been estimated that the Customer weekly demand follows a normal distribution with a mean 50,000 cases and a standard deviation 10,000 cases. What should be the order-up-to level to minimize holding and backorder costs? What safety stock should you keep? Assume that the Wholesaler keeps enough inventory to cover your demand and delivers the beer after the lead time with no uncertainty.
Kaniri Global Imports (a retail store) sells artisan greeting cards. The owners search for localartists from around the world from whom to buy their greeting card inventory. The followinginformation is available to you for this problem:Demand/Sales = 110 cases of cards per yearOrdering or Setup Cost = $25 per orderCarrying Charge = 18% per yearUnit Cost = $150 per caseAnswer the following questions and be sure to show your computations. You can use whateversymbol you need for square root, if typing in Word.1. How many cases should be ordered at a time? (This number will be the EOQ). Computeto two decimal places. In reality they would round, but for this problem keep the twodecimal places.2. How many times should Kaniri order in a year? Do not answer in terms of how manydays or months, but rather how many times per year. Round your answer up to the nexthighest whole number.3. Answer all three:a. What is the annual cost of ordering the cards?b. What is the annual cost of carrying the…
Lisa makes two sorts of jewelry- Type A and Type B. Type A requires 90 minutes of curving and 1hours of assembly time. On the other hand, Type B requires 45 minutes of curving and 2 hours of assembly time. Lisa can sell Type A for $12 and Type B for $55. Given that Lisa has only 1000 hours of curving 500 hours of assembly time. How many of each type of Jewelry Lisa should make to maximize revenue? Keep in mind that Type A jewelry has to be at least twice the number of Type B jewelry. (Possible Answer: $9875). Do it in Exvel with solver (linear programming) (Suggestion: Convert all the hours to minutes so that you do not end up mixing hours and minutes)
Lisa makes two sorts of jewelry- Type A and Type B. Type A requires 90 minutes of curving and 1hours of assembly time. On the other hand, Type B requires 45 minutes of curving and 2 hours of assembly time. Lisa can sell Type A for $12 and Type B for $55. Given that Lisa has only 1000 hours of curving 500 hours of assembly time. How many of each type of Jewelry Lisa should make to maximize revenue? Keep in mind that Type A jewelry has to be at least twice the number of Type B jewelry. (Possible Answer: $9875) (Suggestion: Convert all the hours to minutes so that you do not end up mixing hours and minutes) CAN YOU DO THIS QUESTION IN THIS TEMPLATE ? Data Curving Assembly Price A 1.5 1 $ 12.00 B 0.75 2 $ 55.00 Model Decision Variables A 0 X B 0 Y…
During each year, CSL Computer Company needs totrain 27 service representatives. No matter how manystudents are trained, it costs $12,000 to run a trainingprogram. Since service reps earn a monthly salary of $1,500, cost of goods sold during a year CSL does not want to train them before they are needed.Each training session takes one month.a State the assumptions needed for the EOQ model tobe applicable.b How many service representatives should be in eachtraining group?c How many training programs should CSL undertakeeach year?d How many trained service reps will be availablewhen each training program begins?
Average Inventory Calculation—Fixed–Order Quantity ModelSuppose the following item is being managed using a fixed–order quantity model with safety stock.Annual demand (D) = 1,000 unitsOrder quantity (Q) = 300 unitsSafety stock (SS) = 40 unitsWhat are the average inventory level and inventory turn for the item?
i have found anther answer for this question on bartleby and it has a lot less working out and he didnt give answer to second question but the answer he gave for the first one is very different i am not sure which one to use below is his answer: Step 1: Basic Information The question is related to Economic order quantiy Economic Order Quantity is that level of inventory at which ordering cost and handling cost are minimum. It is calculated with the help of following formula Economic Order Quantity = √2RO ÷ C R = Annual Requirment C = Carrying or Holding cost O = Ordering Cost Step 2: Solution Economic Order Quantity = √2RO ÷ C Economic Order Quantity = √2 × 3000 × 20 ÷ 4.25 Economic Order Quantity = √28,235.294117647 Economic Order Quantity = 168.0336100834 pounds R = Annual Requirment i.e.250 × 12 = 3000 pounds per annum. C = Carrying or Holding cost i.e. £4.25 O = Ordering Cost i.e. £20 Quantity to be ordered = 168.03 pounds. Supplier = Vendor 1 should be used as the cost…
A company produces two products: A and B. Prod-uct A sells for $11 per unit and product B sells for $23 per unit. Producing a unit of product A requires two hours on assembly line 1 and one unit of raw ma-terial. Producing a unit of product B requires two units of raw material, one unit of A, and two hours on as-sembly line 2. On line 1, 1300 hours of time are avail-able, and 500 hours are available on line 2. A unit of raw material can be bought (for $5 a unit) or produced(at no cost) by using two hours of time on line 1.a. Determine how to maximize profit.b. The company will stop buying raw material whenthe price of raw material exceeds what value? (UseSolverTable.)
HP produces its multimedia notebook computer on a production line that has an annual capacity of 10000 units. HP estimates the annual demand for this model at 5000 units. The cost to set up the production line is $2200, and the annul holding cost is $25 per unit. Show steps to find: a. What is the optimal production lot size? b. How many production runs should be made each year? c. What is the total inventory cost?d. What is the cycle time?
Suppose this information is available for PepsiCo, Inc. for 2015, 2016, and 2017. (in millions) 2015 2016 2017 Beginning inventory $ 2,100 $ 2,400 $ 2,300 Ending inventory 2,400 2,300 2,700 Cost of goods sold 18,227 20,071 20,478 Sales revenue 39,145 42,957 44,066 Calculate the days in inventory for PepsiCo, Inc. for 2015, 2016, and 2017. (Round days in inventory to 1 decimal place, e.g. 5.1.) 2015 2016 2017 Days in inventory days
Management realized that the optimal product mix, taking setup costs into account, might be different from the one recommended in part (b). Formulate a mixed-integer linear program that takes setup costs provided in part (c) into account. Management also stated that we should not consider making more than 175 units of product 1, 150 units of product 2, or 140 units of product 3. What are the new objective function and additional equation constraints? If the constant is "1" it must be entered in the box. Let Yi is one if any quantity of product i is produced and zero otherwise. Max $ P1 + $ P2 + $ P3 - $ Y1 - $ Y2 - $ Y3 s.t. P1 Y1 P2 Y2 P3 Y3 P1, P2, P3 ≥ 0 (e) Solve the mixed-integer linear program formulated in part (d). How much of each product should be produced and what is the projected total profit contribution? Compare this profit contribution to…
Management realized that the optimal product mix, taking setup costs into account, might be different from the one recommended in part (b). Formulate a mixed-integer linear program that takes setup costs provided in part (c) into account. Management also stated that we should not consider making more than 175 units of product 1, 150 units of product 2, or 140 units of product 3. What are the new objective function and additional equation constraints? If the constant is "1" it must be entered in the box. Let Yi is one if any quantity of product i is produced and zero otherwise. Max $ P1 + $ P2 + $ P3 - $ Y1 - $ Y2 - $ Y3 s.t. P1 Y1 P2 Y2 P3 Y3 P1, P2, P3 ≥ 0 and integer (e) Solve the mixed-integer linear program formulated in part (d). How much of each product should be produced and what is the projected total profit contribution? Compare this profit contribution…

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