How many units should the retailer order at one time? What is the total annual cost at this order point? 227 x units $ 28,730
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- Use the information given below to calculate the most economic quantity to order each time for2023 (expressed to next whole number). INFORMATION: Milton Wholesalers expects to sell approximately 3 600 cases of soap per month during 2023. Each case ofsoap costs R200. The cost of placing an order for soap is estimated to be R20. The inventory holding costof one case of soap is 5% of the unit purchase price.Determine the order quantity, reorder point, annual holding cost, and order cost, then assume a price break of $50 per order was offered for purchase quantities of 2,000 or more units per order. If you took advantage of this price break, how much would you save annually? When calculating the z-score, use the NORM.S.INV() function from excel.I need a detailed explanation on how to solve this problem: A paint shop implements an inventory policy on its stock of white paint, which costs the store $6 per can. Monthly demand for cans of white paint is normal with mean 28 and standard deviation 8. The replenishment lead time is 14 weeks. Excess demand is backordered, but costs $10 per back ordered can in labor and loss of goodwill. There is a fixed cost of $15 per order, and the holding cost is based on 30% interest rate per annum. In your computations, assume 4 weeks per month. - Write down the model name and parameters. - What are the optimal lot size and reorder points for white paint (include the formulas)? - What is the optimal safety stock (include the formula)? *** Suppose the paint shop from the above problem adopts a service level policy. - What are the optimal lot size and reorder points for white paint, such that 90% of the cycles are filled without backordering (include all formulas)? - What is the fill rate…
- (D) One of the managers of the business has indicated that his main objective is to cut back on his tax liability as much as possible and is of the view that the FIFO method would be best. Do you agree with him? Explain your answer clearly, with reference to the most popular methods of inventory valuation. (E) Universal Enterprise sells a product that cost $450 per unit and has a monthly demand of 5,000 units. The annual holding cost per unit is calculated as 5% of the unit purchase price. It costs the business $75 to place a single order. Currently the business places 12 orders each year. i) What is the total stock administrative cost of Universal’s current inventory policy?ii) Is this the entity’s cost minimizing solution for this product each year? Explain.(D) One of the managers of the business has indicated that his main objective is to cut back on his tax liability as much as possible and is of the view that the FIFO method would be best. Do you agree with him? Explain your answer clearly, with reference to the most popular methods of inventory valuation. (E) Universal Enterprise sells a product that cost $450 per unit and has a monthly demand of 5,000 units. The annual holding cost per unit is calculated as 5% of the unit purchase price. It costs the business $75 to place a single order. Currently the business places 12 orders each year. i) What is the total stock administrative cost of Universal’s current inventory policy? ii) Is this the entity’s cost minimizing solution for this product each year? Explain.A distributor of large appliances needs to determine the order quantities and reorderpoints for the various products it carries. The following data refer to a specii c refrigeratorin its product line:Cost to place an orderHolding costCost of refrigeratorAnnual demandStandard deviation of demand during lead timeLead time$10020 percent of product cost per year$500 each500 refrigerators10 refrigerators7 daysConsider an even daily demand and a 365-day year.a. What is the economic order quantity?b. If the distributor wants a 97 percent service probability, what reorder point, R, shouldbe used?
- 1) Grand Styles Furniture Store is overstocked in (has excess inventory of) one type of chair. Based on the Price-Demand Relationship, what advice would you provide to the store manager to deal with this problem? Please use no more than 2 bullet points for your answer. 2) Fancy Fashions sells jeans for $59 and sweaters for $39, To increase sales of jeans and sweaters, Fancy Fashions promotes this Product Price Bundle: "Buy a pair of jeans and a sweater for $98'. Will this Product Price Bundle will work well to increase the sales of jeans and sweaters? Explain your answer In no more than 2 bullet points. 3) What Is the man (most Important) way that Cost-Based Pricing is different from Customer Value-Based Pricing? Please use no more than 2 bullet points for your answer. 4) Would the cost of coffee beans purchased by McDonald's be a Fixed Cost or a Variable Cost? Please use no more than 2 bullet points for your answer.Demand for a product is relatively constant at 5 units per day. Lead time for this product is normally distributed with a mean of 20 days and a standard deviation of 4 days. (a) What reorder point provides an 80 percent service level? (b) What reorder point provides a 90 percent service level? (c) If the lead time standard deviation can be reduced from 4 days to 1, what reorder point now provides 90 percent service? How much is safety stock reduced by this change?Solve step by step, do calculations manually not in software The demand for a certain article is 400 art/month. The ordering cost is $35 and the storage cost is $10/month. The purchase cost is $15 but if 70 items or more are purchased there is a discount andThey drop at $10. a) Obtain the optimal amount of inventory Yb) Obtain the total cost of inventoryc) Is it convenient to accept the discount?d) What is the cost of inventory with quantity m? Solve step by step, do calculations manually not in software
- Your objective is to help company by determining EOQ* (Economic Order Quantity) that minimizes the totalinventory cost for a company that sells ceiling fans. Your worksheet provides information about the currentorder quantity, demand quantity and other costs.Questions: Answer A and Ba. With the current order quantity, what is the total cost of inventory?b. Implement the problem in Excel and find the order quantity (EOQ) (round to nearest integer) that givesminimum inventory cost. Note: this is a Non-linear programming, hence select “GRG Nonlinear” method inSolver- How much money would company save by switching to optimum quantity from current orderquantity?jeweler purchases silver for use in its products. The firm uses 190 grams of silver per week and purchases silver for $0.52 per gram from a supplier. Each time the firm orders silver from the supplier, the firm must pay a $11 order processing charge. The firm's annual holding cost percentage is 38%. Do not round intermediate calculations. Assume there are 52 weeks in a year and round your answer to two decimal places. If the jeweler orders 1,950 grams of silver with each order, what is the sum of the annual holding and ordering costs? dollars Please do fast ASAP fastHayes electronics assumed with certainty that the ordering cost is $450 per order and the inventory carrying cost is $170 per unit per year. However, the inventory model parameters are frequently only estimates that are subject to some degree of uncertainty. Consider four cases of variation in the model parameters as follows: (a) both ordering cost and carrying cost are 10% less that originally estimated, (b) both ordering cost and carrying cost are 10% higher than originally estimated, (c) ordering cost is 10% higher and carrying cost is 10% lower than originally estimated, and (d) ordering cost is 10% lower and carrying cost is 10% higher than originally estimated. Determine the optimal order quantity and total inventory cost for each of the four cases. Prepare a table with values from all four cases and compare the sensitivity of the model solution to changes in parameter values.
