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2 If the annual demand for a product is 1075 units and the company sells these...
Annual demand for a product is 10,920 units; weekly demand is 210 units with a standard...
Annual demand for a product is 10,920 units; weekly demand is 210 units with a standard deviation of 40 units. The cost of placing an order is $155, and the time from ordering to receipt is four weeks. The annual inventory carrying cost is $0.70 per unit. a. To provide a 90 percent service probability, what must the reorder point be? (Use Excel's NORMSINV() function to find the correct critical value for the given α-level. Do not round intermediate calculations....
Michigan State Figurine Inc. (MSF) sells crystal figurines to Spartan fans. MSF buys the figurines from...
Michigan State Figurine Inc. (MSF) sells crystal figurines to Spartan fans. MSF buys the figurines from a manufacturer for $32 per unit. They send orders electronically to the manufacturer, costing $57 per order and they experience an average lead time of seven days for each order to arrive from the manufacturer. Their inventory carrying cost is 20 percent. The average daily demand for the figurines is three units per day. They are open for business 250 days a year. Answer...
Question 29 3 pts Annual demand for an item is 13,000 units with the cost per...
Question 29 3 pts Annual demand for an item is 13,000 units with the cost per unit at $243. The holding rate is 10% and the order cost is $12.00 per order. The standard deviation of daily demand is 3 units. Assume 260 days in the year and a lead-time of 2 days. If a service level of 97% is desired during the reorder interval, what is the safety stock required? (Note: Due to rounding and your exact choice of...
Michigan State Figurine Inc. (MSF) sells crystal figurines to Spartan fans. MSF buys the figurines from...
Michigan State Figurine Inc. (MSF) sells crystal figurines to Spartan fans. MSF buys the figurines from a manufacturer for $11 per unit. They send orders electronically to the manufacturer, costing $23 per order and they experience an average lead time of six days for each order to arrive from the manufacturer. Their inventory carrying cost is 20 percent. The average daily demand for the figurines is three units per day. They are open for business 250 days a year. Answer...
Please answer the following 4 questions based on the same problem: A small shop implemented a...
Please answer the following 4 questions based on the same problem: A small shop implemented a continuous review policy in managing its inventory with the given parameters for one item: Annual demand: 15,000 units Holding costs: 40% of purchase price per year. Landed purchase cost: $10 Setup cost: $75 per order Number of working days per calendar year: 250 Lead time: 3 days Required service level: 95% 1. Determine the reorder point, assuming no safety stock. Round your answer to...
1 - the annual demand for product 15600 units the weekly demand is 280 units with...
1 - the annual demand for product 15600 units the weekly demand is 280 units with a standard deviation 90 units the cost to place an order is $31.00 and the time from order to receipt is 4 weeks the annual inventory carrying cost is $0.10 per unit A- what is the EOQ quantity? B- from the information above what is the reorder point maintain a 95% service level? 2 - the weekly demand is 200 units the cost to...
The annual demand for a product is 64,000 items and the holding cost is $0.50 item/year....
The annual demand for a product is 64,000 items and the holding cost is $0.50 item/year. 1) What will be the Economic Order Quantity and the total annual cost if the cost of placing each orde is $250? b) If the company operates 300 days per year and the lead time is 9 days, find the recorder point assuming that the daily demand is constant c) Now suppose that the daily demand is Normal with mean as implied from the...
RajDee Furniture Company (RFC) buys and sells office furniture. The company buys chairs from a manufacturer...
RajDee Furniture Company (RFC) buys and sells office furniture. The company buys chairs from a manufacturer for $40 per unit. Order costs are $200 per order and there is a lead time of 10 days for each order to arrive from the manufacturer to RFC warehouse. Inventory carrying cost for RFC is 10%. Average yearly demand for the chairs is 40,000 units. Answer the following questions, assuming there is no uncertainty at all about the demand or the lead time....
A company experiences annual demand of 2,940 units for an item that it purchases. The rate...
A company experiences annual demand of 2,940 units for an item that it purchases. The rate of demand per day is very stable, with very little variation from day to day. The item costs $60 when purchased in quantities less than 160 and $58 for 160 or more. Ordering costs are $50 and the carrying cost is 25 percent. a. What will be the total costs for each alternative? (Round your intermediate calculations and final answers to the nearest dollar...
Daily demand for a product is 100 units, with a standard deviation of 15 units. The...
Daily demand for a product is 100 units, with a standard deviation of 15 units. The review period is 20 days and the lead time is 10 days. At the time of review there are 50 units in stock. If 98 percent service probability is desired, how many units should be ordered? (Use Excel's NORMSINV() function to find the correct critical value for the given α-level. Do not round intermediate calculations. Round "z" value to 2 decimal places and final...
Michigan State Figurine Inc. (MSF) sells crystal figurines to Spartan fans. MSF buys the figurines from a manufacturer for $32 per unit. They send orders electronically to the manufacturer, costing $57 per order and they experience an average lead time of seven days for each order to arrive from the manufacturer. Their inventory carrying cost is 20 percent. The average daily demand for the figurines is three units per day. They are open for business 250 days a year. Answer...
Question 29 3 pts Annual demand for an item is 13,000 units with the cost per unit at $243. The holding rate is 10% and the order cost is $12.00 per order. The standard deviation of daily demand is 3 units. Assume 260 days in the year and a lead-time of 2 days. If a service level of 97% is desired during the reorder interval, what is the safety stock required? (Note: Due to rounding and your exact choice of...
The annual demand for a product is 64,000 items and the holding cost is $0.50 item/year. 1) What will be the Economic Order Quantity and the total annual cost if the cost of placing each orde is $250? b) If the company operates 300 days per year and the lead time is 9 days, find the recorder point assuming that the daily demand is constant c) Now suppose that the daily demand is Normal with mean as implied from the...
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