Question 12Simulate the following inventory replenishment problem for 20 weeks.You will have to use the Excel program to simulate. Demand is uniformlydistributed between 20 and 30 units. Additional Data are given below.Inventory Cost/Week = $ 1.00Shortage Cost/Week = $ 2.00Lead Time = 2 weeks%3DBeginning Stock on Hand (SOH) = 0%3DSupply in Week 1 = 21 units%3!Supply in Week 2= 22 unitsWhat is the total shortage cost at the end of 20 weeks if the order size inevery week is 20 units?tionThe demand for the next 20 weeks is given belowationWeek 1 2Demand 21 224103021272823292125Week11 121314151716181920CO Supply in Week 1 = 21 units!3!Supply in Week 2 = 22 unitsWhat is the total shortage cost at the end of 20 weeks if the order size inevery week is 20 units?The demand for the next 20 weeks is given belowWeek1 2410Demand 21 223021272823292125Week11 121314151617181920Demand 22 282829272624272321O $0.00O $ 40.00O $ 990.00O $ 1980.00O None of the above

Given- Inventory Cost/Week = $ 1.00Shortage Cost/Week = $ 2.00Lead Time = 2 weeksBeginning Stock…

Answered: Simulate the following inventory…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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UNCERTAIN DEMAND Lead time demand for an item averages 100 units, with a standard deviation of 30. The order quantity is 200 units. Management desires that 99 percent of all demand be met from stock. a) What is the optimal order point? b) Suppose management wanted a 98 percent service level; what would be optimal order point be c)Suppose management wanted 90 service level. Compute the optimal order point
Year Cost of Good Sold Beginning Inventory (In Pesos) Ending Inventory (In Pesos) 1 503,425 10,300 12,400 2 643,056 12,400 11,200 3 690,432 11,200 10,670 4 734,509 10,670 11,200 5 758,734 ? 10,987 REQUIRED Determine the inventory turnover for year 5. Determine the number of days the finished goods stay in inventory in Year 1. There was no improvement in inventory turnover in Year 5 compared to Year 1. This statement is not correct. Write YES or NO for the answer
Kooyman hardware sells 31 different types of drills. They had demand for 25 of the drills and satisfied 78 percent of the demand. What was their fill rate for drills? % ( Do not round intermediate calculations.
Q1/ Alpha Company estimates its product cost at 8000 $, the estimated annual requirement is 25000 units at holding cost 15% of product cost. a. What is the most economical number of units to order?(EOQ). b. How many orders should be placed in a year?(optimal number of orders).
Please do not give solution in image format thanku What are order cycle costs if annual demand is 8,000 units, with the following order quantities and annual order cost is $97? a. Order quantity of 1,000 = b. Order quantity of 500 = C. Order qty of 8,000 =
DETERMINING INVENTORY MODELS FSYHILD is a manufacturing company of made to order face shield. It is producing products at a constant rate with a requirement of 5,500 face shields per quarter throughout the year. If ordering costs are P35.00 per order, unit cost is P10.00 per face shield, and annual inventory holding cost are charged at 30% of the units cost. A. What is the EOQ for this component? B. What is the expected time between orders? C. What are the total annual inventory and holding cost associated with your EOQ recommendation? D. Assuming a lead time of 5 days, what is the reorder point? E. What is the total cost if the management decides to increase the demand by 75%?
20 Lead time for one of your fastest-moving products is a) What would be an appropriate reorder point? 100 days. Demand during this period averages units per day. units (enter your response as a whole number). b) How does your answer change if demand during lead time doubles? c) How does your answer change if demand during lead time drops in half? units (enter your response as a whole number). units (enter your response as a whole number).
NEED ALL THREE QUESTIONS Item X is a standard item stocked in a company's inventory of component parts. Each year the firm, on a random basis, uses about 2,700 of item X, which costs $25 each. Storage costs, which include insurance and cost of capital, amount to $9 per unit of average inventory. Every time an order is placed for more item X, it costs $6. a. Whenever item X is ordered, what should the order size be? (Round your answer to the nearest whole number.) b. What is the annual cost for ordering item X? (Round your answer to 2 decimal places.) c. What is the annual cost for storing item X? (Round your answer to 2 decimal places.)
You are asked to manage the purchases of potatoes (10 kgs per bag). The annual demand = 1200 bags, Deliveredpurchase cost = 30/bags, Annual carrying cost percentage= 10percent, Order cost = 50/order. The lead time is 5 working days. Assuming 24 working days per month. Question: Suppose orders are placed only at review time. Find the optimal period and the optimal orderquantity.
1. Forrest and Dan make boxes of chocolates for which the demand is uncertain. Forrest says, "That's life." On the other hand, Dan believes that some demand patterns exist that could be useful for planning the purchase of sugar, chocolate, and shrimp. Forrest insists on placing a surprise chocolate-covered shrimp in some boxes so that "You never know what you'll get." Quarterly demand (in boxes of chocolates) for the last three years is shown in the table below: b. If the expected sales for chocolates are 14,400 cases for year 4, use the multiplicative seasonal method to prepare a forecast for each quarter of the year. (Round all intermediate calculations to two decimal places.) The first quarter forecast is what? boxes of chocolates. (Enter your response rounded to the nearest whole number.)
Define each of the following terms: c. Economic Ordering Quantity (EOQ); EOQ model; EOQ range

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