Problem 20-22 (Algo) Annual demand for a product is 11,960 units; weekly demand is 230 units with a standard deviation of 50 units. The cost of placing an order is $125, and the time from ordering to receipt is four weeks. The annual inventory carrying cost is $0.80 per unit.
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- Demand (D) 85 tablets/week Working weeks per year 52 weeks Unit holding cost per year (H) $6 Order cost (S) $44/order Standard deviation of weekly demand (sd) 15 tablets Lead time (L) 2 weeks Desired cycle service level 95% If the pharmacist uses the continuous review (Q) system to control the inventory of the drug, what would be the order quantity and reorder point?Problem 20-30 (Algo) It is your responsibility, as the new head of the automotive section of Nichols Department Store, to ensure that reorder quantities for the various items have been correctly established. You decide to test one Item and choose Michelin tires, XW size 185 x 14 BSW. A perpetual inventory system has been used, so you examine this, as well as other records, and come up with the following data: Cost per tire Holding cost Demand Ordering cost Standard deviation of daily demand Delivery lead time Order quantity $ tires 50 each percent of tire cost per year Because customers generally do not wait for tires but go elsewhere, you decide on a service probability of 90 percent. Assume the demand occurs 365 days per year. a. Determine the order quantity. (Round your answer to the nearest whole number.) 15 1,100 per year $ 22 per order 4 tires 5 daysECUR UMIC ORDER QUANTITY CALCULATIONS (2 QUESTIONS) Company uses 800 units of a product per year on a continuous basis. The product year and order costs of $300 per order. It takes 30 days to receive a shipment after an order is placed and the a safety stock of 5 days usage in inventory. has carrying costs of $50 A. Calculate the economic order quantity a. 98 B. Determine the reorder a. 150 days (3 CASH DISCOUNTS point. ONS) (Assume (EOQ). a 360-day year.) per unit per firm requires
- 7. Explain why it is not necessary to include product cost (price or price times quantity) in the EOQ model, but the quantity inventory system. discount model requires this information.13.37. Kelly's Tavern serves Shamrock draft beer to its customers. The daily demand for beer is normally distributed, with an average of 20 gallons and a standard deviation of 4 gallons. The lead time required to receive an order of beer from the local distributor is 12 days. DeterminePlease do not give solution in image format thanku Carousel Restaurant in Coquitlam is using perpetual inventory control method. Determine the reorder quantity of chickpeas cans if the par stock is 25 cans, delivery takes 5 days, the daily usage is 2 cans and the desired safety factor is 1.5 a. 10 b. 20 c. 25 d. 15
- Define Vendor Managed Inventory and the ABC system.Problem 20-30 (Algo) It is your responsibility, as the new head of the automotive section of Nichols Department Store, to ensure that reorder quantities for the various items have been correctly established. You decide to test one item and choose Michelin tires, XW size 185 x 14 BSW. A perpetual inventory system has been used, so you examine this, as well as other records, and come up with the following data: Cost per tire Holding cost Demand 50 each 25 percent of tire cost per year 1,100 рer year Ordering cost Standard deviation of daily demand Delivery lead time 32 per order 7 tires 8 days Because customers generally do not wait for tires but go elsewhere, you decide on a service probability of 90 percent. Assume the demand occurs 365 days per year. a. Determine the order quantity. (Round your answer to the nearest whole number.) Order quantity 75 tires b. Determine the reorder point. (Use Excel's NORMSINV() function to find the correct critical value for the given a-level. Do not…L. Houts Plastics is a large manufacturer of injection-molded plastics in North Carolina. An investigation of the company's manufacturing facility in Charlotte yields the information presented in the table below. How would the plant classify these items according to an ABC classification system? (Round dollar volume to the nearest whole number and percentage of dollar volume to two decimal places.) Item Code L. Houts Plastics Charlotte Inventory Levels Avg. Value Inventory (units) ($/unit) Dollar Volume % of Dollar Volume 1289 420 3.50 1470 2347 300 4.00 1,200 36.05 2349 120 2.50 300 9.01 2363 65 1.50 98 2394 60 1.75 105 3.15 2395 25 2.25 56 6782 7844 12 8210 10 8310 9111 22076 1.15 23 0.69 2.05 25 0.74 2.00 20 2.00 14 0.42 3.00 18 0.54 3,328
- L. Houts Plastics is a large manufacturer of injection-molded plastics in North Carolina. An investigation of the company's manufacturing facility in Charlotte yields the information presented in the table below. How would the plant classify these items according to an ABC classification system? (Round dollar volume to the nearest whole number and percentage of dollar volume to two decimal places.) Item Code L. Houts Plastics Charlotte Inventory Levels Avg. Value Inventory (units) ($/unit) Dollar Volume % of Dollar Volume 1289 360 3.75 2347 300 4.00 1,200 37.58 2349 120 2.50 300 9.40 2363 60 1.50 2394 60 1.75 105 3.29 2395 30 1.75 6782 20 1.15 23 0.72 7844 12 2.05 25 0.77 8210 8 2.00 8310 7 2.00 14 9111 6 3.00 18 0.44 0.56 3,193 For the following three questions, consider only items 1289, 2349, and 8210 from the above table for relative classification (these are some of the items for which you computed the metrics). Based on the percentages of dollar volume, item number 1289 should be…Define each of the following terms: c. Economic Ordering Quantity (EOQ); EOQ model; EOQ rangeExplore the concept of Vendor-Managed Inventory (VMI) and its synergy with the Wilson approach.