Abey Kuruvilla, of Parkside Plumbing, uses 1190 of a certain spare part that costs $24 for...
Abey Kuruvilla, of Parkside Plumbing, uses 1190 of a certain spare part that costs
$24 for each order, with an annual holding cost of $23.
a) Calculate the total cost for order sizes of 25, 40, 50, 60, and 100 (round your responses to two decimal places).
b) What is the economic order quantity? ___units (round your
response to two decimal places)
.
Homework Answers
Answer a is in BOLD
| Annual demand, D= | 1190 | 1190 | 1190 | 1190 | 1190 | ||
| cost per order | $24.00 | $24.00 | $24.00 | $24.00 | $24.00 | ||
| holding cost per year= | $23.00 | $23.00 | $23.00 | $23.00 | $23.00 | ||
| Q= | 25.00 | 40.0 | 50.0 | 60.0 | 100.0 | ||
| #orders per year = | Annual demand/ordered quantity | 47.60 | 29.75 | 23.80 | 19.83 | 11.90 | |
| annual holding cost= | Q*holding cost per year/2 | $287.50 | $460.00 | $575.00 | $690.00 | $1,150.00 | |
| Total order cost= | No. of orders*order cost | $1,142.40 | $714.00 | $571.20 | $476.00 | $285.60 | |
| Answer a | total ordering+holding cost | $1,429.90 | $1,174.00 | $1,146.20 | $1,166.00 | $1,435.60 |
Answer b: EOQ= 49.83units
Explanation:
| Annual demand, D= | 1190 | |
| cost per order | $24.00 | |
| holding cost per year= | $23.00 | |
| EOQ= | SQRT(2*Cost per order*D/holding cost per year) | 49.83 |
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