Homework Answers
Question: For the given data, calculate annual costs of holding and setup following EOQ behavior.
Answer:
Given that:
Annual Demand (D) = 60825
Setup cost (S) = 120
Unit Cost (P) = 5
Holding Cost (H) = 25% x 5 = 1.25
Current Order (EOQ) = 3113
Annual Setup Cost (ASC) is given by:
ASC = (D / EOQ) x S
Therefore:
ASC = (60825 / 3113) x 120
ASC = 2344.68358497
ASC = 2344.68
Annual Holding Cost is given by:
AHC = (EOQ / 2) x H
Therefore:
AHC = (3113 / 2) x 1.25
AHC = 1945.625
AHC = 1945.63
Total Annual Cost is given by:
Total Annual Cost of Holding and Setup = ASC + AHC
Therefore:
Total Annual Cost of Holding and Setup = 2344.68 + 1945.63
Total Annual Cost of Holding and Setup = 4290.31
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