A cement manufacturing company will produce 24 tons per week. The demand for the cement is 6 tons per week. The company incurs a set cost of 10, 000 SAR in labor and production. Cost of cement per ton is 3000 SAR and the holding cost is 20 percent. What is the optimal production batch size for I-beams? What is the annual setup cost of the optimal policy? What is the annual holding cost? What is the total annual cost? (Write the formulae).
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- A company buys an item for €50 and sells it for €75.The annual sales and average stock of this item is 10000 units and1600 units, respectively; while the carrying cost is 20 percent of itsacquisition cost. Calculate:a) inventory turnoverb) weeks of supplyc) annual gross profitd) average investment in stocke) annual inventory carrying costWould the company operate more efficiently, if average stock isreduced to 1000 units?1) A premier service outlet is opened 7 days a week, every day of the year. 40 bottles of their best engine oil is sold per day, with a standard deviation of 9.15, whilst each bottle of oil costs $15. The Outlet does a stock check every Monday when a supply sales representative arrives. Considering that the owner of the outlet wants a 99.5% service probability and lead time delivery of 3 days, how much bottles of oil should the outlet order, if presently there are 55 bottles of oil in stock2) Daily demand for a product is normally distributed with a mean of 100 and a standard deviation of 12. The lead time is normally distributed with a mean of 5 days and a standard deviation of 1.5 days. a) What is the ROP to satisfy a %90 probability of not stocking out? b) What is the safety stock? c) What is the probability of stocking out if the manager has decided not to keep any safety stock? What is the Z value, and what is the probability?
- A company extracts oil from canola seeds. Demand for canola oil is constant throughout the year at the rate of 72,000 cans. The holding cost is $0.50 per can per year. The cost involved in the machine set-up is $100 per set-up. The production capacity of the machine is 300 cans per day.The year has 365 days. Determine the following: a. The optimal production run quantityb.The maximum inventoryC.The total minimum annual inventory costsD.The optimal number of production runs per yearE.The length of the production runThe following information pertains to Emy Manufacturing Corporation's Product X: Annual demand 33,750 units Annual cost to hold one unit of inventory P15 Setup cost (or the cost to initiate a production run) P500 Beginning inventory of product X 0 At present, the Company produces 2,250 units of Product X per production runt for a total of 15 production runs per year. The company is considering to use the EOQ model to determine the economic lot size and the number of production runs that will minimize the total inventory carrying cost and setup cost for Product X. If the EOQ model is used, the economic lot size is a.2,250 units. c. 2,250,000 units. b.1,500 units. d. P1,500.A food manufacturing company orders raw material A, 1200 kg annually. The company estimates its annual storage and handling cost to be RM0.50 per kg per month. The administrative cost for placing and receiving an order is RM250.00. The company operates 310 days per year. The ordering lead time is 5 working days. Currently every two months the company will order 200 kg. The management wants to reduce the total inventory cost. Suggest how this can be achieved and determine when the order should be made. Show all calculations to one decimal point to support your suggestion
- A local company produces an erasable programmable read-only memory (EPROM) for severalindustrial clients. It has experienced a relatively flat demand of 2,500 units per year for theproduct. The EPROM is produced at a rate of 10,000 units per year. The accounting departmenthas estimated that it costs $50 to initiate a production run, each unit costs the company $2 tomanufacture, and the cost of holding is based on a 30 percent annual interest rate. Determinethe optimal size of a production run, the length of each production run, and the average annualcost of holding and setup. What is the maximum level of the on-hand inventory of the EPROMs?Problem 20-10 (Algo) You are a newsvendor selling San Pedro Times every morning. Before you get to work, you go to the printer and buy the day's paper for $0.30 a copy. You sell a copy of San Pedro Times for $1.10. Daily demand is distributed normally with mean = 265 and standard deviation = 53. At the end of each morning, any leftover copies are worthless and they go to a recycle bin. a. How many copies of San Pedro Times should you buy each morning? (Use Excel's NORMSINV() function to find the correct critical value for the given a-level. Round your z-value to 2 decimal places and final answer to to 2 decimal places.) Optimal order quantity b. Based on a, what is the probability that you will run out of stock? (Round your answer to the nearest whole number.) ProbabilityA company has the option of purchasing a good ormanufacturing the item. If the item is purchased, thecompany will be charged $25 per unit plus a cost of $4 perorder. If the company manufactures the item, it has aproduction capacity of 8,000 units per year. It costs $50 toset up a production run, and annual demand is 3,000 unitsper year. If the annual holding cost is 10% and the cost ofmanufacturing one unit is $23, determine whether thecompany should purchase or manufacture the item.
- 6. Leaky Pipe, a local retailer of plumbing supplies, faces demand for one of its SKUs at a constant rate of 17,000 units per year. It costs Leaky Pipe $5 to process an order to replenish stock and $2.00 per unit per year to carry the item in stock. Stock is received 12 working days after an order is placed. No backordering is allowed. Assume 365 working days a year. a. Leaky Pipe's optimal order quantity is ______ units. (Enter your response rounded to the nearest whole number.) Part 3 b. The optimal number of orders per year is _____ orders. (Enter your response rounded to the nearest whole number.) Part 4 c. The optimal interval (in working days) between orders is ______ days. (Enter your response rounded to one decimal place.)Henrique Correa’s bakery prepares all its cakesbetween 4 a.m. and 6 a.m. so they will be fresh when customers arrive. Day-old cakes are virtually always sold, but at a50% discount off the regular $10 price. The cost of baking acake is $6, and demand is estimated to be normally distributed, with a mean of 25 and a standard deviation of 4. Whatis the optimal stocking level?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?