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Tyler decided to open a bakery because everyone he knew told him that his baked goods were “out of this world." He had a little bit of a business school background because he got his Bachelor's from SPS at UIW recently. He remembered his teacher telling him that inventory models can be used for both the raw materials as well as the finished products for a business like his. So, he decided to see if he could use the basic EOQ model for identifying how much quantity to order of raw materials such as eggs, flour, sugar, etc. To get started, he decided to create a model for flour based on the information he had on hand regarding potential costs as follows: • Usage per month 100 bs Purchase cost $1 per Ib. Order cost $10.00 per order sent Annual Holding Rate 10% of purchase price per Ib. 52-week year 300 working days per year Lead time 2 days Fill in the following table based on this information: # Optimal Inventory Policy Economic Order Quantity Q* Answer Type 1 Ibs. 2 Annual Inventory Holding Cost H dollars Annual Ordering Cost O dollars

Tyler decided to open a bakery because everyone he knew told him that his baked goods were “out of this world." He had a little bit of a business school background because he got his Bachelor's from SPS at UIW recently. He remembered his teacher telling him that inventory models can be used for both the raw materials as well as the finished products for a business like his. So, he decided to see if he could use the basic EOQ model for identifying how much quantity to order of raw materials such as eggs, flour, sugar, etc. To get started, he decided to create a model for flour based on the information he had on hand regarding potential costs as follows: • Usage per month 100 bs Purchase cost $1 per Ib. Order cost $10.00 per order sent Annual Holding Rate 10% of purchase price per Ib. 52-week year 300 working days per year Lead time 2 days Fill in the following table based on this information: # Optimal Inventory Policy Economic Order Quantity Q* Answer Type 1 Ibs. 2 Annual Inventory Holding Cost H dollars Annual Ordering Cost O dollars

Linear Algebra: A Modern Introduction
Linear Algebra: A Modern Introduction
4th Edition
ISBN:9781285463247
Author:David Poole
Publisher:David Poole
Chapter2: Systems Of Linear Equations
Section2.4: Applications
Problem 27EQ
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Tyler decided to open a bakery because everyone he knew told him that his baked goods were “out of this world." He had a little bit of a business school background because he got his Bachelor's from SPS at UIW recently. He remembered his teacher telling him that inventory models can be used for both the raw materials as well as the finished products for a business like his. So, he decided to see if he could use the basic EOQ model for identifying how much quantity to order of raw materials such as eggs, flour, sugar, etc. To get started, he decided to create a model for flour based on the information he had on hand regarding potential costs as follows: • Usage per month 100 bs Purchase cost $1 per Ib. Order cost $10.00 per order sent Annual Holding Rate 10% of purchase price per Ib. 52-week year 300 working days per year Lead time 2 days Fill in the following table based on this information: # Optimal Inventory Policy Economic Order Quantity Q* Answer Type 1 Ibs. 2 Annual Inventory Holding Cost H dollars Annual Ordering Cost O dollars
Transcribed Image Text:Tyler decided to open a bakery because everyone he knew told him that his baked goods were “out of this world." He had a little bit of a business school background because he got his Bachelor's from SPS at UIW recently. He remembered his teacher telling him that inventory models can be used for both the raw materials as well as the finished products for a business like his. So, he decided to see if he could use the basic EOQ model for identifying how much quantity to order of raw materials such as eggs, flour, sugar, etc. To get started, he decided to create a model for flour based on the information he had on hand regarding potential costs as follows: • Usage per month 100 bs Purchase cost $1 per Ib. Order cost $10.00 per order sent Annual Holding Rate 10% of purchase price per Ib. 52-week year 300 working days per year Lead time 2 days Fill in the following table based on this information: # Optimal Inventory Policy Economic Order Quantity Q* Answer Type 1 Ibs. 2 Annual Inventory Holding Cost H dollars Annual Ordering Cost O dollars
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