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- Harvey’s Specialty Shop is a popular spot that specializes in international gourmet foods. Oneof the items that Harvey sells is a popular mustard that he purchases from an English company.The mustard costs Harvey $10 a jar and requires a six-month lead time for replenishment ofstock. Harvey uses a 20 percent annual interest rate to compute holding costs and estimatesthat if a customer requests the mustard when he is out of stock, the loss-of-goodwill cost is $25a jar. Bookkeeping expenses for placing an order amount to about $50. During the six-monthreplenishment lead time, Harvey estimates that he sells an average of 100 jars, but there issubstantial variation from one six-month period to the next. He estimates that the standarddeviation of demand during each six-month period is 25. Assume that demand is described bya normal distribution. How should Harvey control the replenishment of the mustard?Buckley Enterprise sells a product that cost $450 per unit and has a monthly demand of 5,000units. The annual holding cost per unit is calculated as 5% of the unit purchase price. It costs thebusiness $75 to place a single order. Currently the business places 12 orders each year.i) What is the total stock administrative cost of Buckley’s current inventory policy?ii) Is this the entity’s cost minimizing solution for this product each year? Explain.A Mercedes dealer pays $40,000 for each car purchased (wholesale price). The annual holding cost is estimated to be 30% of the dollar value of inventory. The dealer sells an average of 1200 cars per year. They believe that demand is backlogged but estimate that if they are short one car for one year, the loss in future profits is about 10% of the wholesale price. Each time the dealer places an order for cars, ordering costs amount to $1600. Assume there are 360 work days per year. Question: If the Mercedes dealer wants to limit backorders so that they occur 20% of the time, what is the maximum number of backorders that should be allowed (assuming the optimal order quantity doesn't change)?
- 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 fastA specialty coffeehouse sells Colombian coffee at a fairly steady rate of 280 poundsannually. The beans are purchased from a local supplier for $2.40 per pound. The coffeehouse estimates that it costs $45 in paperwork and labor to place an order for thecoffee, and holding costs are based on a 20 percent annual interest rate.b. What is the time between placement of orders?A Mercedes dealer pays $40,000 for each car purchased (wholesale price). The annual holding cost is estimated to be 30% of the dollar value of inventory. The dealer sells an average of 1200 cars per year. They believe that demand is backlogged but estimate that if they are short one car for one year, the loss in future profits is about 10% of the wholesale price. Each time the dealer places an order for cars, ordering costs amount to $1600. Assume there are 360 work days per year. Question: What percent of the time do shortages occur? I've deduced the percent of shortage time to be 25%, but am not sure I've set up my formulas correctly.
- A specialty coffeehouse sells Colombian coffee at a fairly steady rate of 280 pounds annually. The beans are purchased from a local supplier for $2.40 per pound. The coffeehouse estimates that it costs $45 in paperwork and labor to place an order for the coffee, and holding costs are based on a 20 percent annual interest rate. For the situation described above, draw a graph of the amount of inventory on order. Using your graph, determine the average amount of inventory on order. Also compute the demand during the replenishment lead time. How do these two quantities differ?Acme stamping produces seat brackets for a major manufacturer of stadium seating. They sell an average of 57,000 brackets per year. Their stamping machine operates for 8 hours per day, 250 days per year and can produce 150 brackets per hour. It costs them $370 to set up the stamping machine for a production run. The brackets cost $0.47 each to make, and Acme uses 20% of the unit cost to estimate the annual inventory holding cost. Calculate the economic production quantity for seat brackets.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…
- Buckley 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 Buckley’s current inventory policy? ii) Is this the entity’s cost minimizing solution for this product each year? Explain.Millennium Liquors is a wholesaler of sparkling wines. Its most popular product is theFrench Bete Noire, which is shipped directly from France. Weekly demand is 45 cases.Millennium purchases each case for $120, there is a $300 fixed cost for each order(independent of the quantity ordered), and its annual holding cost is 25 percent.a. What order quantity minimizes Millennium’s annual ordering and holding costs?b. If Millennium chooses to order 300 cases each time, what is the sum of its annualordering and holding costs?c. If Millennium chooses to order 100 cases each time, what is the sum of the orderingand holding costs incurred by each case sold?d. If Millennium is restricted to ordering in multiples of 50 cases (e.g., 50, 100, 150, etc.),how many cases should it order to minimize its annual ordering and holding costs?e. Millennium is offered a 5 percent discount if it purchases at least 1000 cases. If itdecides to take advantage of this discount, what is the sum of its annual…Berry Computer is considering moving some of its operations overseas in order to reduce labor costs. In the United States, its main circuit board costs Berry $75 per unitto produce, while overseas it costs only $65 to produce. Holding costs are based on a20 percent annual interest rate, and the demand has been a fairly steady 200 units perweek. Assume that setup costs are $200 both locally and overseas. Production leadtimes are one month locally and six months overseas.c. Might considerations other than cost favor local over overseas production?