Andy's Job Shop buys two parts (Tegdiws and Widgets) for use in its production system from two different suppliers. The parts are needed throughout the entire 52-week year to assemble Uediracs for sale. Tegdiws are used at a relatively constant rate but the use of Widgets vary with demand. Andy wants to improve his inventory management system and use either a "P" system or a "Q" system. What are the advantages and disadvantages of each system in this application and what information is needed to choose between them?
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- Fisk Corporation is trying to improve its inventory control system and has installed an online system at its retail stores. Fisk anticipates sales of 58,800 units per year, an ordering cost of $4 per order, and carrying costs of $1.50 per unit. In the second year, Fisk Corporation finds that it can reduce ordering costs to $1 per order, but carrying costs will stay the same at $1.50 per unit. a-1. What is the economic ordering quantity for the second year? Economic ordering quantity (EOQ) a-2. How many orders will be placed during the second year? Number of orders a-3. What will the average inventory be for the second year? Average inventory Total costs units units a-4. What is the total cost of ordering and carrying inventory for second year? LAMuscle Bound is a chain of fitness stores located in many large shopping centers. Recently, an internal memo from the CEO to all operations personnel complained about the budget overruns at Muscle Bound’s central warehouse. In particular, she said that inventories were too high and that the budget will be cut dramatically and proportionately equal for all items in stock.Consequently, warehouse management set up a pilot study to see what effect the budget cuts would have on customer service. They chose 5-pound barbells, which are a high volume SKU and consume considerable warehouse space. Daily demand for the barbells is 1,000 units, with a standard deviation of 150 units. Ordering costs are $40 per order. Holding costs are $2/unit/year. The supplier is located in the Philippines; consequently, the lead time is 35 days with a standard deviation of 5 days. Muscle Bound stores operate 313 days a year (no Sundays). Suppose that the barbells are allocated a budget of $16,000 for total…Muscle Bound is a chain of fitness stores located in many large shopping centers. Recently, an internal memo from the CEO to all operations personnel complained about the budget overruns at Muscle Bound’s central warehouse. In particular, she said that inventories were too high and that the budget will be cut dramatically and proportionately equal for all items in stock. Consequently, warehouse management set up a pilot study to see what effect the budget cuts would have on customer service.They chose 5-pound barbells, which are a high volume SKU and consume considerable warehouse space. Daily demand for the barbells is 1,000 units, with a standard deviation of 150 units. Ordering costs are $40 per order. Holding costs are $2/unit/year. The supplier is located in the Philippines; consequently, the lead time is 35 days with a standard deviation of 5 days. Muscle Bound stores operate 313 days a year (no Sundays). Suppose that the barbells are allocated a budget of $16,000 fortotal annual…
- You are in charge of inventory control of a highly successful product retailed by your firm. Weekly demand for this item varies, with an average of 200 units and a standard deviation of 16 units. It is purchased from a wholesaler at a cost of $12.50 per unit. You are using a continuous review system to control this inventory. The supply lead time is 4 weeks. Placingan order costs $50, and the inventory carrying rate per year is 20 percent of the item’s cost. Your firm operates 5 days per week, 50 weeks per year.a. What is the optimal ordering quantity for this item?b. How many units of the item should be maintained as safety stock for 99 percent protection against stockouts during an order cycle?c. If supply lead time can be reduced to 2 weeks, what is the percent reduction in the number of units maintained as safety stock for the same 99 percent stockout protection?d. If through appropriate sales promotions, the demand variability is reduced so that the standard deviation of weekly…Kendi Company uses 800 units of a product per year on a continuous basis. The product has a Fixed Cost of $50 per order, and its carrying cost is $2 per unit per year. It takes 5 days to receive a shipment after an order is placed, and the firm wishes to hold 10 days’ usage in inventory as a safety stock. Show Computations and Explanations. A. Calculate the EOQ. B. Determine the Average Level of Inventory. (Note: Use a 365-day year to calculate daily usage.) (Format: 111.11) C. Determine the Reorder Point. (Format: 11.11)Inventory tracking is concerend both ith the quantity and the location of the goods in inventory. Select one: a. True. b. False.
- 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?Inventory is the raw materials, work-in-process products and finished goods from the portion of a business's assets that are ready or will be ready for sale. Judge THREE (3) effectiveness of perpetual inventory for the food service organization and explain the impact of the system on the purchasing process. Please answer as quick as possible.A major automobile manufacturer located in Georgetown, Kentucky, has two certified vendors that produce brake pads with the information shown below. New Albany Manufacturing is located in Columbus, Ohio, and LaPlaya Manufacturing is located in Monterrey, Mexico. The automobile assembly factory is assumed to operate 250 days per year. CertifiedSupplier OrderSize (Q) Price per Unit (P) OversightCostper Unit (O) TransportCost perUnit (Ct) Order Cost(Co) Cost to StoreOne UnitOne Year (Ch) Order LeadTime inDays (L) New Albany Mfg. 59,000 $11.74 $0.00 $0.37 $255 $1.70 51 LaPlaya Mfg. 118,000 $11.08 $0.42 $0.87 $290 $1.35 99 Use the Total Supply Chain Cost Excel template to compute the supply chain costs associated with each supplier if the annual demand is 1,180,000 brake pads. Do not round intermediate calculations. Round your answer to the nearest dollar. Order quantity: 59,000 units 118,000 units Total procurement cost: $ $ Total management oversight…
- Suppose that a large discount retailer with a lot of purchasing power in a supply chain requires that all suppliers incorporate a new information system that will reduce the cost of placing orders between the retailer and its suppliers as well as between the suppliers and their suppliers. Suppose also that order quantities and lead times are related; the smaller the order quantity the shorter the lead time from suppliers. Assume that all members of the supply chain use a continuous review system and EOQ order quantities. Explain the implications of the new information system for the supply chain in general and the inventory systems of the supply chain members in particular.1. The overall objective of inventory management is to achieve satisfactory levels of customer service by having sufficient quantities while keeping inventory costs reasonable. True or falseSouthern Markets, Inc. is considering the use of ABCanalysis to focus on the most critical SKUs in its inventory.Currently, there are approximately 20,000 different SKUswith a total dollar usage of $10,000,000 per year.a. What would you expect to be the number of SKUs and thetotal annual dollar usage for A items, B items, and C itemsat Southern Markets, Inc.? b. The following table provides a random sample of the unitvalues and annual demands of eight SKUs. Categorizethese SKUs as A, B, and C items.