Economic order quantity. Maximum level of stock. Minimum level of stock.
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Blade Breakers Ltd. manufactures blades. The following are the details of their operation during 2020:
- Average monthly market demand 2,000 blades
- Ordering costs $ 200 per order
- Inventory carrying costs 20% per annum
- Cost of lamps $ 1000 per blade
- Normal usage 100 blades per week
- Minimum usage 50 blades per week
- Maximum usage 200 blades per week
- Lead time to supply 4 - 6 weeks
Compute:
- Economic order quantity.
- Maximum level of stock.
- Minimum level of stock.
- Re-order level of stock.
- What tradeoffs in costs are involved in computing the Economic Order Quantity?
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- The chapter presented various approaches for the control of inventory investment. Discuss three additional approaches not included that might involve supply chain managers.The materials manager for a billiard ball maker must periodically place orders for resin, one of the raw materials used in producing billiard balls. She knows that manufacturing uses resin at a rate of 50 kilograms each day, and that it costs $.04 per day to carry a kilogram of resin in inventory. She also knows that the order costs for resin are $100 per order, and that the lead time for delivery is four days. If the order size was 1,000 kilograms of resin, what would be the average inventory level?Catlea Merchandising is engaged in selling school shoesfor both boys and girls in their teenage years. Catlea needs 32,000 pairs of shoes in a year in order to satisfy the market demand. It costs ₱ 48 to place an order while ₱ 8 is needed to hold each quantity of shoe in Catlea's inventory. Upon checking on Catlea's supplier, it takes 8 days in between placing an order and eventually receiving it. a. Determine the Economic Order Quantityb. Determine the number of order per monthc. Determine the reorder point
- Black Instrument Company replenishes highly specialized replacement (service) parts based on statistical reorder point. One part is a 40-mm thumbscrew. Relevant data for the thumbscrew are: Planned stock out frequency= Six per year. Planned lead time = 2 weeks Forecast for next week= 300 Batch size = 400 Standard deviation of demand = 20 (per week) What is the reorder point? What would be the effect on the ROP if lead time were five weeks instead of two? What other factors might impact your decision on when to reorder parts?Ergonomics Inc. sells ergonomically designed office chairs. The company has the following information: Average demand = 36 units per day Average lead time = 50 days Item unit cost = $70 for orders of less than 400 units Item unit cost = $68 for orders of 400 units or more Ordering cost = $45 Inventory carrying cost = 25% The business year is 250 days Assume there is no uncertainty at all about the demand or the lead time. Calculate EOQ if unit cost is $70 and $68. (Note: These EOQs do not need to be feasible in theirprice range.) (Round up your answers to the next whole number.) EOQ Unit cost at $70 units Unit cost at $68 units Calculate annual ordering costs for each alternative? (For the first value, use your rounded EOQ from Part a. For the second value, use the lowest feasible order quantity needed to qualify for that price level. Round your answers to 2 decimal places.) Annual Ordering Cost Unit cost at $70 Unit…Economic Order Quantity and Reorder PointFind the economic order quantity and the reorder point, givenAnnual demand ( D )= 1, 000 unitsAverage daily demand ( d¯ ) = 1, 000 ∕365ordering cost ( S ) = $5 per orde rHolding cost ( H ) = $1.25 per unit per yearLead time ( L ) = 5 daysCost per unit ( C ) =$12.50What quantity should be ordered?
- Alina Limited is a manufacturer of widgets orders components for use in manufacturing. The estimated demand for the components during the coming year is 15,000. Order costs are $100 per order; carrying costs are $12 per component. Using the economic order quantity model What is Alina Ltd’s optimum order quantity? If the supplier guarantees a three (3) day delivery on any order that is placed, What is the re-order point?A manager must set up inventory ordering systems for two new production items, P34 and P35.P34 can be ordered at any time, but P35 can be ordered only once every four weeks. The companyoperates 50 weeks a year, and the weekly usage rates for both items are normally distributed. Themanager has gathered the following information about the items.Item P34 Item P35Average weekly demand 60 units 70 unitsStandard deviation 4 units per week 5 units per weekUnit cost $15 $20Annual holding cost 30% 30%Ordering cost $70 $30Lead time 2 weeks 2 weeksAcceptable stockout risk 2.5% 2.5%a. When should the manager reorder each item?b. Compute the order quantity for P34.c. Compute the order quantity for P35 if 110 units are on hand at the time the order is placed.The following information regarding inventory policy was assembled by the GB Inc. The company uses a 50-week year in all calculations: Sales: 10,000 units per year Order quantity: 2,000 units Safety stock: 1,300 units Lead time: 4 weeks The reorder point is: 3,300 units 2,100 units 100 units 1,300 units
- Net Steels is a steel manufacturing company. It currently orders 180 metric tons of raw material per order. It was observed that the company often faces stockout. To tackle this issue, the company incorporated a fixed-quantity system (FQS) and collected the following data. The lead time is 2 weeks. Demand Order Cost Item Cost Inventory-Holding Cost 11000 metric tons per year $18000 per order $36000 per year 20 percent per year Given the order quantity is 200, what is the annual ordering cost? Only for non-integer results, round your answer UP to the nearest integer. For example, if your answer is 5.05, type 6; if your answer is 5, type 5. 2DCo Economic Order Quantity (EOQ), Q* Cn Reorder point, r = demand rate x lead time =d'L Your Answer: AnswerFor a specific farm implement ‘FI’ is to be ordered by a food processing company, following data is available: Monthly Demand= 800 units Purchase cost/unit = $40/unit Ordering costs= $60/ order Holding costs (Ch) = $12/unit/year, fire insurance = 6% of the unit cost, 2% other overheads. Determine optimal order quantity of ‘FI’ items and how frequently the order should be placed?Problem 1: Jill's Job Shop buys the following Part (X-123) for use in its production system. The parts are needed throughout the entire 52-week year. Data for the part are as follows: ITEM X-123 Annual demand 10,000 Holding cost per unit per year $4 Order cost $35 Lead time 2 weeks Safety stock 150 units Item cost $10.00 Use the Fixed-Order Quantity Model to find the following: a) Compute the optimum order quantity (Q). b) What is the reorder point (R) for the item? c) Find the Total Annual Cost (TC) for the item.