a)Determine the service level b) determine optimal stocking level
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a)Determine the service level
b) determine optimal stocking level
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- Wholemark is an Internet order business that sells one popular New Year's greeting card. The cost of the paper on which the card is printed is $0.10 per card, and the cost of printing is $0.42 per card. The company receives $2.40 per card sold. Since the cards have the current year printed on them, unsold cards have no salvage value. Based on past data, the number of customers from Los Angeles is normally distributed with a mean of 2,500 and a standard deviation of 600. What is the optimal production quantity for the card for Los Angeles, if Wholemark only makes a one-time production for this area? Round to the nearest integer.YOZECH Enterprise is frequently losing sales due to stock-outs. To avoid this problem, the owner likes to implement a new system of maintaining an inventory level which will include a safety stock. After looking into the past records of the company, it was determined that the normal usage during the lead time of 12 days is 120 units while the maximum usage is 150 units for 15 days. Based on the given information, what should be the safety stock of YOZECH Enterprise? What is the ROP (Re-order point)?Jack Ltd is a market leader in the manufacture of apple juice. They operate a reorder level system of inventory management, and the following information is available for green apples: Average usage 800 per dayMinimum usage 540 per dayMaximum usage 1260 per dayLead time for replenishment 16 - 20 per day Reorder quantity 19,500 apples a. Calculate the reorder level 1. Calculate the maximum level of inventory 2. Calculate the minimum (buffer) inventory level
- Jack Ltd is a market leader in the manufacture of apple juice. They operate a reorder level system of inventory management, and the following information is available for green apples:Average usage 800 per dayMinimum usage 540 per dayMaximum usage 1260 per dayLead time for replenishment 16-20 dayReorder quantity 19,500 applesRequired:1. Calculate the reorder level ii Calculate the maximum level of inventory iii Calculate the minimum (buffer) inventory levelConsider a fixed period inventory model. The daily demand of the product has a mean of 30 and standard deviation of 4; orders are placed every 18 days and shipment lead time is 6 days. The store has a service policy of 96%. What is the inventory required?3) A company produces a part that is used in its production process. The company produces the part at a rate of 300 units per day. The daily demand for the product is 180 units. The annual demand for the part is 54,000 units and occurs consistently over the 300 days that the company operates yearly. The company incurs a setup cost of $300 each time the item is produced. The cost of carrying the item in inventory is estimated to be 25 percent of the item's $100 cost. How many units should the company produce each production run to minimize its inventory- associated costs?
- The TransCanada Lumber Company and Mill processes 10,000 logs annually, operating 250 days per year. Imme-diately upon receiving an order, the logging company’s supplier begins delivery to the lumber mill at the rate of 60 logs per day. The lumber mill has determined that the or-dering cost is $1600 per order, and the cost of carrying logs in inventory before they are processed is $15 per log on anannual basis. Determine the following:a. The optimal order sizeb. The total inventory cost associated with the optimalorder quantityc. The number of operating days between ordersd. The number of operating days required to receive anorderGolden Crust Bakery buys flour in 25-pound bags. The bakery uses an average of 1,215 bags a year. 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 to receive the order from the flour factory. The bakery operates 350 days per year. Calculate the following: Economic Order Quantity Expected number of orders (Order Frequency) Average inventory The annual holding cost The annual ordering cost The total annual cost of inventory management Reorder point If holding costs were to increase by $9 per year, how much would that affect the minimum total annual cost?GameStop has maintained 75% service level for inventory of PlayStation 5. Mean demand during lead time is 166 PlayStations, and the standard deviation during lead time is 58 PlayStations. The annual cost of carrying one PlayStation in inventory is $12. The store’s operations analyst recently told GameStop's management that they could expect a $550 improvement in profit (based on current figures of cost per PlayStation) if the service level were increased to 97.5%. Is it worthwhile for GameStop to make this change?
- Legu Bloxs – specialized in the manufacturing of high-rise CHB (concrete hollow blocks). The company makes a yearly order for 2,400 sacks of cement at a unit price of 250.00. Its carrying cost per year is estimated at 5% of the price of concrete block. While the cost of preparing a requisition, a purchase order and receiving tickets, stocking the items when they arrive m processing the supplier’s invoice and remitting the payment to the supplier is 150 per order per year. What is the Total Inventory Cost?Legu Bloxs – specialized in the manufacturing of high-rise CHB (concrete hollow blocks). The company makes a yearly order for 2,400 sacks of cement at a unit price of 250.00. Its carrying cost per year is estimated at 5% of the price of concrete block. While the cost of preparing a requisition, a purchase order and receiving tickets, stocking the items when they arrive m processing the supplier’s invoice and remitting the payment to the supplier is 150 per order per year. What is the economic order quantity? What is the Total Inventory Cost? How many orders should be made each year?A sporting goods company has a distribution center that maintains inventory of fishing rods. The fishing rods have the following demand, lead time, and cost characteristics: Average demand = 130 units per day, with a standard deviation of 12 units Average lead time = 12 days with a standard deviation of 1 day 250 days per year in the business year Unit cost = $28 Desired service level = 97.5% Ordering cost $53 Inventory carrying cost = 25% a. What is the standard deviation of demand during lead time? b. How many fishing rods should the distribution center carry to provide the desired service level? c. What is the EOQ? d. What is the average cycle stock?