Chapter 4. Tyler decided to open a bakery because everyone he knew told him that his baked goods were "out of this world." He had a little bit of a business school background because he got his Bachelor's from SPS at UIW recently. He remembered his teacher telling him that inventory models can be used for both the raw materials as well as the finished products for a business like his. So, he decided to see if he could use the basic EOQ model for identifying how much quantity to order of raw materials such as eggs, flour, sugar, etc. To get started, he decided to create a model for flour based on the information he had on hand regarding potential costs as follows: • Usage per month 100 lbs • Purchase cost $1 per Ib. • Order cost $10.00 per order sent • Annual Holding Rate 10% of purchase price per Ib. • 52-week year 300 working days per year • Lead time 2 days Fill in the following table based on this information: Optimal Inventory Policy Economic Order Quantity Q Ibs. Annual Inventory dollars Holding Cost H Annual Ordering Cost dollars lo

Explain the basic concepts of inventory control. Use the following guide for each part of the essay: Introduction Explains the functions of an inventory and the importance of keeping it under control. Development Answer the following questions: Explain and provide examples of the four types of inventory discussed in this module.Explain what the three main costs of inventory are.

Discuss with examples the two methods of inventory control. Which method do you think is better for a retail store with several items of small value?

Retail business's inventory includes goods in process and raw material.  True  False

IL Data related to the inventories of Metro Supply are presented below: 困 Surgical Equipment $ 260 170 240 Surgical Supplies $ 120 Rehab Rehab Selling price Cost Equipment S 340 Supplies $ 165 90 250 235 162 Replacement cost Costs to sell Normal gross profit ratio 80 158 30 25 10 30% 30% 30% 20% *Show your computation! If not, no credit A) In applying the lower of cost or market rule, the inventory of surgical equipment would be valued at: B) In applying the lower of cost or market rule, the inventory of surgical supplies would be valued at: C) In applying the lower of cost or market rule, the inventory of rehab equipment would be valued at: D) In applying the lower of cost or market rule, the inventory of rehab supplies would be valued at:

Hi, I need help solving this Operations Management problem. Thank you!

Tyler decided to open a bakery because everyone he knew told him that his baked goods were "out of this world." He had a little bit of a business school background because he got his Bachelor's from SPS at UIW recently. He remembered his teacher telling him that inventory models can be used for both the raw materials as well as the finished products for a business like his. So, he decided to see if he could use the basic EOQ model for identifying how much quantity to order of raw materials such as eggs, flour, sugar, etc. To get started, he decided to create a model for flour based on the information he had on hand regarding potential costs as follows: Usage per month 100 Ibs Purchase cost $1 per Ib. Order cost $10.00 per order sent Annual Holding Rate 10% of purchase price per Ib. • 52-week year 300 working days per year • Lead time 2 days Fill in the following table based on this information: Optimal Inventory Policy Answer Type 7 Reorder Point r Ibs. 8 Number of Orders Per Year…

Need help! A-1 is incorrect.

So far we have talked about inventory or WIP very much in the context of manufacturing industries. How about service industries? Take banks as an example. Do they have such issues or problems? Cite all your sources.

Your objective is to help company by determining EOQ* (Economic Order Quantity) that minimizes the totalinventory cost for a company that sells ceiling fans. Your worksheet provides information about the currentorder quantity, demand quantity and other costs.Questions: Answer A and Ba. With the current order quantity, what is the total cost of inventory?b. Implement the problem in Excel and find the order quantity (EOQ) (round to nearest integer) that givesminimum inventory cost. Note: this is a Non-linear programming, hence select “GRG Nonlinear” method inSolver- How much money would company save by switching to optimum quantity from current orderquantity?