Based on the critical ratio determined, the company would expect the stockout rate to be % (use the normal distribution table
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- Shop sells bread for $2 per loaf that costs $0.40 per loaf to make. Shop gives a 90% discount for its bread at the end of the day. Based on the critical ratio determined, the company would expect the stockout rate to be ______ % (round to the two decimal places )Thompson Paint Company uses 60,000 gallons of pigment per year. The cost of ordering pigment is $200 per order, and the cost of carrying the pigment in inventory is $1 per gallon per year. The firm uses pigment at a constant rate every day throughout the year. a. Calculate the EOQ. b. If it takes 20 days to receive an order once it has been placed, determine the reorder point in terms of gallons of pigment. (Note: Use a 365-day year.)Bakery A sells bread for $2 per loaf that costs $0.50 per loaf to make. Bakery A gives an 80% discount for its bread at the end of the day. Demand for the bread is normally distributed with a mean of 300 and a standard deviation of 30. What order quantity maximizes expected profit for Bakery A? (use the normal distribution table posted on Canvas and round up to the nearest integer)
- A company operates for 50 weeks a year and uses a fixed quantity inventory system for one of its most important items. Below are the characteristics for the item: Weekly demand follows normal distribution: mean of 400 units and standard deviation of 100 units Order Cost = $40 per order Annual Holding cost = $2/unit/year Desired service level = 95% (z = 1.645) Lead Time = 4 weeks Economic Order Quantity (EOO) = 894 units Now suppose that the management is considering switching to a fixed time inventory system where the time between orders is 2 weeks. Everything else being the same as the information provided for the original problem, which system (Q or P system) is likely to have more safety stock? Please explain why.The Suregrip Tire Company carries a certain type oftire with the following characteristics:Average annual sales = 600 tiresOrdering cost = $40 per orderCarrying cost = 25 percent per yearItem cost = $50 per tireLead time = 4 daysStandard deviation of daily demand = 1 tirea. Calculate the EOQ.b. For a Q system of inventory control, calculate the safety stock required for service levels of 85, 90, 95,97, and 99 percent.c. Construct a plot of total inventory investment versus service level.d. What service level would you establish on the basis of the graph in part c? Discuss.Golden Crust Bakery buys flour in 25-pound bags. The bakery uses an average of 1,215 bags ayear. Preparing an order and receiving a shipment of flour involves a cost of $10 per order.Annual holding costs are $75 per bag. Once an order for flour is placed, it takes six (6) days toreceive the order from the flour factory. The bakery operates 350 days per year.Calculate the following:(i) Economic Order Quantity(ii) Expected number of orders (Order Frequency)(iii) Average inventory(iv) The annual holding cost(v) The annual ordering cost(vi) The total annual cost of inventory management(vii) Reorder point(viii) If holding costs were to increase by $9 per year, how much would thataffect the minimum total annual cost?
- Green Grass Industries Limited (GGIL) has used a fixed-time period inventory system that involved taking a complete inventory count of all items each month. However, increasing labor costs, are forcing GGIL, to examine alternative ways to reduce the amount of labor involved in inventory stockrooms, yet without increasing other costs, such a shortage costs. Table 10 is a random sample of 20 GGIL's items. Table 10. Annual Usage by Value of a sample of GGIL's Inventory Item Number Annual Usage ($) Item Number Annual Usage ($) 1 10,600 11 2,750 2 14,000 12 1,400 3 4,000 13 3,200 4 16,000 14 2,500 5 8,100 15 110,000 1,800 16 14,800 7 84,000 17 9,500 8. 890 18 1,700 9 940 19 3,700 10 94,000 20 12,500 a) What would you recommend GGIL to do to cut back its labor cost? (Illustrate using an ABC plan). b) Item 18 is critical to continued operations at GGIL. i. How would you recommend it be classified? ii. Give the reason(s) for your answer.What is a normal distribution? What two characteristics define it? Why is it important in determining safety stock?Stationery Supplies orders plastic erasers from a company in Nürnberg, Germany.It takes six weeks to ship the erasers from Germany to Utah. Stationery Suppliesmaintains a standing order of 200 erasers every six months (shipped on the first ofJanuary and the first of July).a. Assuming the ordering policy the store is using does not result in large buildupsof inventory or long-term stock-outs, what is the annual demand for erasers?b. Draw a graph of the pipeline inventory (that is, the inventory ordered but notreceived) of the erasers during one year. What is the average pipeline inventoryof erasers during the year?
- A store has collected the following information on one of its products:Demand = 4,500 units/year Standard deviation of weekly demand = 12 units Ordering costs = $40/order Holding costs = $3/unit/year Cycle-service level = 90% (z for 90% = 1.28) Lead-time = 2 weeks Number of weeks per year = 52 weeks a. If a firm uses the continuous review system to control the inventory, what would be the order quantity and reorder point?A retail outlet sells a seasonal product for $10 per unit. The cost of the product is $8 per unit. All units not sold during the regular season for half the retail price in an end-of-season clearance sale. Assume that the demand for the product is uniformly distributed between 200 and 800. a. What is the recommended ordering quantity? b. What is the probability of a stockout using your order quantity in (a)? c. To keep customers happy and returning to the store later, the owner feels that stockouts should be avoided if at all possible. What is your recommended order quantity if the owner is willing to tolerate a 0.15 probability of stockout? d. Using your answer to (c), what is the goodwill cost you are assigning to a stockout?What is the relationship between the average inventory and the in-stock probability?a. The more the inventory, the lower the in-stock probability.b. There isn’t a definitive relationship—more inventory could mean a lower or a higherin-stock probability.c. The more the inventory, the higher the in-stock probability.