What is the significance of inventory management in the Farmers Restaurant ?
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A: Below is the solution:-
What is the significance of inventory management in the Farmers Restaurant ?
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- Scenario 3 Ben Gibson, the purchasing manager at Coastal Products, was reviewing purchasing expenditures for packaging materials with Jeff Joyner. Ben was particularly disturbed about the amount spent on corrugated boxes purchased from Southeastern Corrugated. Ben said, I dont like the salesman from that company. He comes around here acting like he owns the place. He loves to tell us about his fancy car, house, and vacations. It seems to me he must be making too much money off of us! Jeff responded that he heard Southeastern Corrugated was going to ask for a price increase to cover the rising costs of raw material paper stock. Jeff further stated that Southeastern would probably ask for more than what was justified simply from rising paper stock costs. After the meeting, Ben decided he had heard enough. After all, he prided himself on being a results-oriented manager. There was no way he was going to allow that salesman to keep taking advantage of Coastal Products. Ben called Jeff and told him it was time to rebid the corrugated contract before Southeastern came in with a price increase request. Who did Jeff know that might be interested in the business? Jeff replied he had several companies in mind to include in the bidding process. These companies would surely come in at a lower price, partly because they used lower-grade boxes that would probably work well enough in Coastal Products process. Jeff also explained that these suppliers were not serious contenders for the business. Their purpose was to create competition with the bids. Ben told Jeff to make sure that Southeastern was well aware that these new suppliers were bidding on the contract. He also said to make sure the suppliers knew that price was going to be the determining factor in this quote, because he considered corrugated boxes to be a standard industry item. Is Ben Gibson acting legally? Is he acting ethically? Why or why not?Scenario 3 Ben Gibson, the purchasing manager at Coastal Products, was reviewing purchasing expenditures for packaging materials with Jeff Joyner. Ben was particularly disturbed about the amount spent on corrugated boxes purchased from Southeastern Corrugated. Ben said, I dont like the salesman from that company. He comes around here acting like he owns the place. He loves to tell us about his fancy car, house, and vacations. It seems to me he must be making too much money off of us! Jeff responded that he heard Southeastern Corrugated was going to ask for a price increase to cover the rising costs of raw material paper stock. Jeff further stated that Southeastern would probably ask for more than what was justified simply from rising paper stock costs. After the meeting, Ben decided he had heard enough. After all, he prided himself on being a results-oriented manager. There was no way he was going to allow that salesman to keep taking advantage of Coastal Products. Ben called Jeff and told him it was time to rebid the corrugated contract before Southeastern came in with a price increase request. Who did Jeff know that might be interested in the business? Jeff replied he had several companies in mind to include in the bidding process. These companies would surely come in at a lower price, partly because they used lower-grade boxes that would probably work well enough in Coastal Products process. Jeff also explained that these suppliers were not serious contenders for the business. Their purpose was to create competition with the bids. Ben told Jeff to make sure that Southeastern was well aware that these new suppliers were bidding on the contract. He also said to make sure the suppliers knew that price was going to be the determining factor in this quote, because he considered corrugated boxes to be a standard industry item. As the Marketing Manager for Southeastern Corrugated, what would you do upon receiving the request for quotation from Coastal Products?How in a supermarket, a manager would go about evaluating the criticalness of an inventory shortage.
- Describe the inventory processes perpetually and periodically. Is one system better than the other in circumstances?Over the past 12 months, Super Toy Mart has experienced a demand variance of 10,250 units and has produced an order variance of 12,050 units. Part 2 a) The bullwhip measure for Super Toy Mart is ______ (round your response to two decimal places). Part 3 b) If Super Toy Mart had made a perfect forecast of demand over the past 12 months and had decided to order 1/12 of that annual demand each month, the bullwhip measure would have been ______ (round your response to the nearest whole number.)As a logistics specialist, you are responsible for meeting customer demand. One of your customers places orders for you to supply four products by the end of October. You have limited capacity for raw material and other facilities. You are required to satisfy customer demand by manufacturing the products and/or buying from a supplier. After consulting with the production department, you obtained the following information. Product A Product B Product C Product D Order quantity 2000 3500 1500 2500 Hours required on machine X per unit 2 4 5 3 Hours required on machine Y per unit 4 3 6 2 Raw material in kilos 5 1 4 6 Time needed for Packaging per unit 36 minutes 30 minutes 45 minutes 24 minutes Available monthly hours per month: 8,000 on machine X, 6000 on machine Y, and 3,000 hours for packaging. Purchased items from your supplier are already packaged. Available raw material per month: 5,000 kilos…
- Mr. Waleed is running furniture manufacturing business. He required raw material on regular basis.He uses the best suitable methods of purchasing of material.He tried to used preparation of inventor budgets, perpetual inventory system, just-in- time, ABC analysis but none of the above suited to his business.Once he had to stop his production, when he was using Just-In- Time purchasing method. One day Mr.Waleed explain all the cost details to his cost accountant as follows: The normal usage was 50 Units.In case of low demand his minimum usage was only 25 units. During high demand time Mr. Waleed used to purchase 75 units.Mainly he required two types of raw material like Material 1 and Material 2, His reorder quantity for Martial 1 was 300 Units & For Material 2 was 500 Units.His cost accountant told him that they need 40 Units as average. Mr. Waleed was very good at planning, but in case of emergency he used to wait 1 day for material 1 and 2 days for material 2 to get…What type of inventory would be destroyed in a supermarket?A what is the inventory turnover for the hamburger patties? B. On average, how many days of supply are on hand?
- FarmBox is a company who grow and distribute fresh food produce directly to customers via an online ordering platform, based in Cheshire, UK. The company started in 2019 and began as a family run business that was staffed by 4 family members plus two farmhands, with the use of one delivery van.As the Covid pandemic struck in 2020 the business experienced unexpected rapid growth with orders tripling almost overnight, whilst the firm has the product to meet the demand of customers, investment wasneeded in equipment and more importantly, the number of staff needed to increase immediately if productivity was to remain effective.To address this the owner placed an online advert for farmhands requiring CV’s to be emailed to the business. Candidates that FarmBox were interested in took part in a 20 minute online video interview that aimed to determine their skills and suitability and then successful candidates began work once they were able to evidence that they were free of the Covid virus.…In two companies (AerCo, NuCo), the demand was managed centrally using information gathered from decentralised units and remotely from the assets in the field. Demand management at AerCo is performed by a quarterly review of the orders for new assets and the forecast of demand for aftermarket parts. This review is performed centrally to the business although information is gathered from around the business, including overseas bases and real-time data that have been analysed for issues that will have an impact upon the demand placed upon the supply chain. This is due to AerCo operating in a make-to-order (MTO) environment for production parts—with a 3–5 years lead-time for customers—and a make-to-stock (MTS) environment for aftermarket—where the requirement for a replacement part or system may be instantaneous if the aircraft has suffered unexpected damage. This quarterly review of demand is then placed upon the supply chain through an explicit process that ensures that orders can be…Why is there a need to balance the inventory needs with customer’s needs?