Explain the relationship between the annual ordering cost and the ordering size.
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Explain the relationship between the annual ordering cost and the ordering size.
Why is there a need to compute for the Economic order quantity?
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- Explain the link between the yearly ordering cost and the amount of the order. Why is it necessary to compute the Economic order quantity?Based on inventory management context, describe the suitable situation to use the ‘Economic Order Quantity’ and ‘Production Order QuantityA jewelry firm buys semiprecious stones to make bracelets and rings. The supplier quotes a price of $8.30 per stone for quantities of 600 stones or more, $9.40 per stone for orders of 400 to 599 stones, and $10 per stone for lesser quantities. The jewelry firm operates 175 days per year. Usage rate is 25 stones per day, and ordering costs are $48. a. If carrying costs are $2 per year for each stone, find the order quantity that will minimize total annual cost. (Round your intermediate calculations and final answer to the nearest whole number.) Order quantity _____________ stones b. If annual carrying costs are 20 percent of unit cost, what is the optimal order size? (Round your intermediate calculations and final answer to the nearest whole number.) Optimal order size ________ stones
- A jewelry firm buys semiprecious stones to make bracelets and rings. The supplier quotes a price of $8.20 per stone for quantities of 600 stones or more, $8.70 per stone for orders of 400 to 599 stones, and $10 per stone for lesser quantities. The jewelry firm operates 214 days per year. Usage rate is 25 stones per day, and ordering costs are $48. a. If carrying costs are $2 per year for each stone, find the order quantity that will minimize total annual cost. (Round your intermediate calculations and final answer to the nearest whole number.) Order quantity stones b. If annual carrying costs are 27 percent of unit cost, what is the optimal order size? (Round your intermediate calculations and final answer to the nearest whole number.) Optimal order size stones c. If lead time is 5 working days, at what point should the company reorder? Reorder quantity stonesThe XYZ Company has an annual sale of 20,000 television sets. each inventory item has a value of P2,500.00. Ordering cost is P500.00 per order. Carrying cost is 25% of average value. Find the following: a. Optimal number of order per year b. Economic order quantity c. Annual carrying cost d. Annual Ordering cost e. Total annual inventory costDiscuss the relationship between Economic Order Quantity and Just-In-Time inventory system. Which factors need to be considered while deciding the economic order quantity of products? ANSWER AND REFERENCE
- A jewelry firm buys semiprecious stones to make bracelets and rings. The supplier quotes a price of $8 per stone for quantities of 600 stones or more, $9 per stone for orders of 400 to 599 stones, and $10 per stone for lesser quantities. The jewelry firm operates 200 days per year. Usage rate is 25 stones per day, and ordering costs are $48. a. If carrying costs are $2 per year for each stone, find the order quantity that will minimize total annual cost. (Round your intermediate calculations and final answer to the nearest whole number.)b. If annual carrying costs are 30 percent of unit cost, what is the optimal order size? (Round your intermediate calculations and final answer to the nearest whole number.)c. If lead time is six working days, at what point should the company reorder?Calculate optimal order quantity based on the quantity discount information.We have demand for a product with 1500 units/month. The vendor offers quantity discounted method for purchasing as the table below: Order Quantity condition 1 - 299 price( USD) 10 >= 300 price 7 Ordering lead-time is 3 days. Ordering cost 10 $/ order, salary for ordering staff is 3$/ order. Monthly Warcehouse renting free is 5%, and interest rate is 7%. Salary for warehousing staff is 300$/ month. Please suggest the best ordering policy.
- Energyzer , a regional electronics retailer , estimates that sells 13 , 000 4-packs of batteries per year (or 250 per week). Each 4-pack of batteries costs the retailer $2.00; with a carrying cost rate of 32%; and ordering costs of $40.00 per order. a. Calculate the optimum order period—in terms of weeks , b. Calculate the economic order quantity PLEASE SHOW WORKDemand for a popular athletic shoe is nearly constant at 1600 pairs per week for a regional division of a national retailer. The cost per pair is $64. It costs $75 to place an order, and annual holding costs are charged at 25% of the cost per unit. The lead time is 3 weeks. One year has 52 weeks.a. What is the Economic Order Quantity?b. What is the reorder point?c. What is the cycle time?d. What is the total annual cost?The following information regarding inventory policy was assembled by the GB Inc. The company uses a 50-week year in all calculations: Sales: 10,000 units per year Order quantity: 2,000 units Safety stock: 1,300 units Lead time: 4 weeks The reorder point is: a. 3,300 units b. 2,100 units c. 100 units d.300 units