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- From the following; refers the term "Inventory" O a. Materials in stock O b. Forecast value of a product O C. Actual demand of a product o d. Difference between actual value and demand voalueWhich of the following statements is a correct definition of the order cost method? a) It is a method that only assigns variable production expenses to production costs and reflects all fixed production expenses to the income-expense table by examining them as period expenses. B) It is a method that charges all of the variable production costs, and only the part of the fixed production costs, which falls on the capacity used, to the production costs. NS) It is a method developed to determine the costs on a lot basis. D) It is a method that assigns all of the production expenses of the period to the cost of the production made in that period, regardless of the fixed-variable expense distinction. TO) It is the method that determines the costs of the manufactured goods, after the production is made, based on the actual (realized) amounts of the production expenses.Instructions There are four parts to this problem. Use Excel to perform the following. a. Use the economic order quantity formula (EOQ = SQRT((2SD/H)) to determine the optimal number of units that the company should order based on each assumed level of order based on each assumed level of order quantities provided in the data. b. Complete the table by calculating the number of orders per year, annual order cost, annual holding cost, and annual total cost. Highlight the minimum annual total cost using conditional formatting. Hint: The minimum cost should equal the cost at the EOQ you calculated in part a. c. Create a line chart that graphs annual order cost, annual holding cost, and annual total cost. The x-axis should be the quantity ordered. Include a chart legend, appropriate chart title, axes labels, and properly formatted amounts on the axes. d. Examine the chart and your responses to parts a and b. Indicate any relationships.
- Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: 12 units at $47 Jan. 11 Aug. 13 20 units at $48 Nov. 30 $564 960 735 Avaliable for sale $2,259 There are 20 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-sout (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar). a First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost Inventory Purchase Purchase 15 units at $49 47 units 1,284 XA busness is aunchng a new product. The aunch wil require a number of related actvties as follows hre (7 weeks) select an advertising agency (2 weeks), plan an advertising campaign wth the agency (4 weeks),products from the manufacturer (13 weeks) select distributors for the product (9 weeks), take initial orders fromoperation (12 weeks), pack enough products for the launch stock (8 weeks), order the launch quantty ofthe distrbutors (3 weeks), dispatch the initial orders to the distrbutors (2 weeks). (a) What is the earest timeconduct the advertsing campaign (10 weeks), design the packaging of the product (4 weeks), set up packinga sales manager (5 weeks), requre the sales manager to recruit saes peope (4 weeks), tran the sales people that the new product can be ntroduced to the market? (b) If the company hre traned salesmen who do notneed further training, coud the product be introduced 7 weeks earler? (c) How long could one delay selectngthe advertising agency? In the example above,…Suppose this information is available for PepsiCo, Inc. for 2015, 2016, and 2017. (in millions) 2015 2016 2017 Beginning inventory $ 2,100 $ 2,400 $ 2,300 Ending inventory 2,400 2,300 2,700 Cost of goods sold 18,227 20,071 20,478 Sales revenue 39,145 42,957 44,066 Calculate the days in inventory for PepsiCo, Inc. for 2015, 2016, and 2017. (Round days in inventory to 1 decimal place, e.g. 5.1.) 2015 2016 2017 Days in inventory days
- (2-b) A firm's demand in the next four quarters is forecast to be 400, 600, 800, and 700 units. Given that beginning inventory is 600, desired ending inventory in quarter 4 is 300, inventory holding cost is $6 per unit per quarter, and production cost is $50 per unit, calculate the cost of a level production plan.20. Identifying true or false: I - Just-in-time purchasing is guided solely by the economic order quantity. II - Companies that implement JIT purchasing will switch their suppliers when another supplier offers alower price. III - Just-in-time purchasing describes the flow of goods, services, and information from the initial sourcesof materials and services to the delivery of products to consumers, regardless of whether those activities occur in the same organization or in other organizations Group of answer choices All are false. T, T, F F, F, T All are true T, F, TThe annual demand for an automobile part is 3200 units. The unit cost is 60 OMR and inventory carrying charge is 25% of unit cost. Ordering cost is 20 OMR per order. (i) Determine the economic order point (ii) If you place an order for 110 units every time, is it profit or loss? How much and Why? (iii) Why demand forecasting is important for an organization? Compare qualitative and quantitative forecasting technique with an example.
- 1. With examples and necessary figures, define the Key Inventory Terms ? 2. Suppose, you are newly appointed as a Sales Manager in Unilever Company and after joining your first assignment is to do the sales forecast for the next quarter. Therefore, explain what would be your approach to do a good sales forecast for the next quarter.A clothing manufacturing company requires raw materials for 8 consecutive weeks as follows: 30, 40, 50, 35, 60, 30, 40, and 30 units with a one-time order cost of $50,000 and a storage fee of $500 per unit/week. From these data calculate the total cost of procurement using:a. Lot For Lot (LFL) Methodb. Economic Order Quantity (EOQ) Methodc. Period Order Quantity (POQ) Methodd. In your opinion as an operations manager at the company which method would you choose? Explain, why?In determining open-to-buy, what is subtracted from planned purchases? O On hand On order EOM stock BOM stock Question 37 Your department is planning a 10 percent increase in sales for the entire three- month period (February-April). Sales for the period last year were $19,000. Fifty percent of the total planned sales are projected to occur in March, and 25 percent of sales are planned to occur in each of the other two months. Planned stock-sales ratio for each month is 2.0. Total planned reductions for the period are 5 percent of planned sales. Reductions are projected to occur for each month as follows: February (10 percent), March (40 percent), and April (50 percent). An ending inventory of $5,000 is planned for the period. PLANNED PURCHASES FOR FEBRUARY ARE: O $24,200 O $15.779 O None (overbought). $10.895.50