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- 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 trucksSkinner's fish market buys fresh boston bluefish daiily for $4.20 per pound and sells it for $5.50 per pound. at the end of each business day any remaining bluefish is sold to a producer of cat food for $1.60 per pound. Daily demand can be approximated by a uniform distribution between 200 and 320 pounds. What is the optimal order qunatity.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?
- Omega DB Corp. has a policy of maintaining an inventory of finished goods equal to 40 percent of the next month’s budgeted sales. If Omega DB Corp. plans to produce 6,000 units in June, what are budgeted sales for July in units? Budgeted sales for the first six months of 2019 for Omega DB Corp. are listed below: Units:JANUARY 6,000FEBRUARY 7,000MARCH 8,000APRIL 7,000MAY 5,000JUNE 4,0001 Independent demand items are ______. a products in demand in countries that have declared their independence b products whose demand does not depend on demand for other finished products c products that are in demand irrespective of the price of the product d products that are in demand irrespective of the quality of the product 2 One of the assumptions of the EPQ (Economic Production Quantity) model is ______. a that there are several different products involved b that production runs to replenish inventory occur at regular intervals c that the lead time for the receipt of orders varies depending on the order d that there are large discounts available at higher volumes 3 If we are producing the product or component in-house, then the total inventory-related cost on an annual basis is ______. a the sum of total annual setup cost and total annual holding cost less the sum of total annual stock-out cost and total annual materials purchase cost b the…Motorama TV estimates the annual demand for its TVsis (and will be in the future) normally distributed, with amean of 6,000 and standard deviation of 2,000. Motorama must determine how much production capacity it shouldhave. The cost of building enough production capacity tomake 1,000 sets per year is $1,000,000 (equivalent in presentvalue terms to a cost of $100,000 per year forever). Exclusiveof the cost of building capacity, each set sold contributes$250 to profits. How much production capacity shouldMotorama have?
- Harold Grey owns a small farm that grows apricots in the Salinas Valley. The apricotsare dried on the premises and then sold to a number of large supermarket chains. Basedon past experience and committed contracts, he estimates that the sales over the next fiveyears in thousands of packages will be as follows:Year Forecasted Demand(thousands of packages)1 3002 1203 1804 1005 250Grey currently has three workers on the payroll. Assume that each worker stays on thejob for at least one year. He estimates that he will have 10,000 packages on hand at theend of current year. Assume that, on the average, each worker is paid $25,000 per year andis responsible for producing 30,000 packages. Inventory costs have been estimated to be 4cents per package per year, and shortages are not allowed.Based on the effort of interviewing and training new workers, Grey estimates that it costs$500 for each worker hired. Severance pay amounts to $1,000 per worker.(a) Assuming that shortages are not allowed,…Cantel Company produces cleaning compounds for both commercial and household customers. Some of these products are produced as part of a joint manufacturing process. For example, GR37, a coarse cleaning powder meant for commercial sale, costs $1.90 a pound to make and sells for $2.00 per pound. A portion of the annual production of GR37 is retained for further processing in a separate department where it is combined with several other ingredients to form SilPol, which is sold as a silver polish, at $5.00 per unit. The additional processing requires 1/4 pound of GR37 per unit; additional processing costs amount to $3.90 per unit of SilPol produced. Variable selling costs for SilPol average $0.50 per unit. If production of SilPol were discontinued, $1,000 of costs in the processing department would be avoided. Cantel has, at this point, unlimited demand for, but limited capacity to produce, product GR37. Required: 1. Calculate the minimum number of units of SilPol that would have to be…Production and Materials Purchases Budgets White Corporation’s budget calls for the following sales for next year:Quarter 1 90,000 units Quarter 3 68,000 unitsQuarter 2 76,000 units Quarter 4 96,000 unitsEach unit of the product requires 3 pounds of direct materials. The company’s policy is to begineach quarter with an inventory of product equal to 5% of that quarter’s estimated sales requirementsand an inventory of direct materials equal to 20% of that quarter’s estimated direct materials requirements for production.Required Determine the production and materials purchases budgets for the second quarter.
- 6-20 Lila Battle has determined that the annual demand for number 6 screws is 100,000 screws. Lila, who works in her brother’s hardware store, is in charge of purchasing. She estimates that it costs $10 every time an order is placed. This cost includes her wages, the cost of the forms used in placing the order, and so on. Furthermore, she estimates that the cost of carrying one screw in inventory for a year is one-half of 1 cent. Assume that the demand is constant throughout the year. How many number 6 screws should Lila order at a time if she wishes to minimize total inventory cost? a- EOQ=2×A×OC where A is Annual demand O is ordering cost C is Carrying Cost EOQ=2×100,000×100.005=400,000,000=20,000 How many orders per year would be placed? What would the annual ordering cost be? b- Number of Orders=Annual Demand EOQ=100,000 20,000=5 orders Ordering Cost=Number of Orders×Ordering Cost =5×10=$50 What would the average inventory be? What would the annual holding…Consider a hardware supply warehouse that is contractually obligated to deliver 1000units a specialized fastener to a local manufaturing company each week. Each time thewarehouse places an order for these items from its supplier, an ordering and transporationfee off $20 is charged to the warehouse. The warehouse pays $1.00 for each fastener andcharges the local firm $5.00 for each fastener. Annual holding cosst iss 25% off inventoryvalue, or $0.25 per year. The warehouse manager would like to know how much to orderwhen inventory gets to zero.Assume that the warehouse works 50 weeks/year.XYZ Company is specialized in mangoes distribution in the city of Muscat. Sales are 500 boxes (unit) per month. It costs OR 10 to make and receive an order and holding cost is OR 2.5 per box per year. The prices depend on quantities purchased such that the order quantities from 1 to 199 at price RO 5; quantity 200 to 499 at a unit price 4.5 RO; and quantity 500 and more at a per unit price of 4 RO. What is the Economic Order Quantity (EOQ) while not consider the purchase cost? Round - up to the nearest integer?? a. 199 units O b. None is correct 500 units d. 180 units e. 220 units