Determine the ending inventory balance using the FIFO (First-In, First-Out) method. Beginning inventory = 50 units at $10 per unit, Purchases = 100 units at $12 per unit, Sales = 80 units.
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Determine the ending inventory balance using the FIFO (First-In, First-Out) method. Beginning inventory = 50 units at $10 per unit, Purchases = 100 units at $12 per unit, Sales = 80 units.
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- The chapter presented various approaches for the control of inventory investment. Discuss three additional approaches not included that might involve supply chain managers.Fisk Corporation is trying to improve its inventory control system and has installed an online system at its retail stores. Fisk anticipates sales of 58,800 units per year, an ordering cost of $4 per order, and carrying costs of $1.50 per unit. In the second year, Fisk Corporation finds that it can reduce ordering costs to $1 per order, but carrying costs will stay the same at $1.50 per unit. a-1. What is the economic ordering quantity for the second year? Economic ordering quantity (EOQ) a-2. How many orders will be placed during the second year? Number of orders a-3. What will the average inventory be for the second year? Average inventory Total costs units units a-4. What is the total cost of ordering and carrying inventory for second year? LAA pharmacist is trying to determine the inventory order and stock levels for a particular drug. The following information is available about the drug. Demand (D) 85 tablets/week Working weeks per year 52 weeks Unit holding cost per year (H) $6 Order cost (S) $44/order Standard deviation of weekly demand (sd) 15 tablets Lead time (L) 2 weeks Desired cycle service level 95% If the pharmacist uses the continuous review (Q) system to control the inventory of the drug, what would be the order quantity and reorder point? If the pharmacist uses the periodic review (P) system to control the inventory of the drug, what would be the review interval and target inventory level? (Hint: Use the EOQ model to derive the review interval P)
- ABC Corporation is a large manufacturing company that has been using an outdated inventory management system for the past 10 years. The system has become slow and unreliable, causing delays in production and shipping. The IT department has recommended replacing the system with a modern cloud-based solution that can be accessed from anywhere and has the potential to integrate with other business systems.After a thorough evaluation of several vendors and their products, the IT team has recommended the purchase of a system called "InventoryPro". The system has a user-friendly interface, robust reporting capabilities, and is scalable to accommodate future growth.The CEO has approved the project, and the IT team has started working on the implementation plan. The project team includes a project manager, business analyst, database administrator, software developer, and testing specialist.As part of the project plan, the team will need to migrate the data from the old system to the new one,…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?Fisk Corporation is trying to improve its inventory control system and has installed an online computer at its retail stores. Fisk anticipates sales of 97,200 units per year, an ordering cost of $4 per order, and carrying costs of $1.50 per unit. What is the economic ordering quantity? How many orders will be placed during the year? What will the average inventory be? What is the total cost of ordering and carrying inventory?
- The figure on the right shows the inventory levels cherries (in pounds) at one store and the order-reorder periods over 1 year. Refer to the figure to answer the following questions. 180 (a) What is the average amount of cherries in inventory during one order-reorder period? (b) What is the maximum amount of cherries in inventory during one order-reorder period? (c) How many orders were placed during the year? (d) How many pounds of cherries were sold during the year? 1st order arrives End of year (a) What is the average amount of cherries in inventory during one order-reorder period? The average amount of cherries in inventory during one order-reorder period is pounds.Given that: Sales = $300,000,000 Transportation cost = $15,000,000 Warehousing cost = $4,000,000 Inventory carrying cost rate (W) = 30% Cost of goods sold = $95,000,000 Other operating costs = $55,000,000 Average Inventory (AI) = $15,000,000 Accounts receivable = $35,000,000 What is the total operating cost? Group of answer choices 56,500,000 48,500,000 75,500,000 78,500,000 68,500,000As the Manager of Branson’s Department Store, you are responsible for ensuring that reorder quantities for the various items have been correctly established. You decide to test one item and choose product Z. A continuous review inventory policy has been used, so you examine this as well as other records and come up with the following data: Cost per unit $35 Holding cost 20 percent of unit cost Average daily demand 10 units Ordering cost $30 per order Standard deviation of daily demand 3 units Delivery lead time 4 days Because customers generally do not wait but go elsewhere, you decide on a service probability of 90 percent. Assume that Branson’s Department Store operates 320 days per year. [What is the annual demand (D)? Determine the optimal order quantity, Q*. Determine the reorder point (R) if demand is constant. Determine the reorder point (R) if demand is varies.
- During the last 5 weeks, demands for a certain SKU at a retailer were 7 units (5 weeks ago), 4 units, 4 units, 4 units, and 5 units (last week). The retailer uses a period review model with order-up-to level 71 units, a review period of 2 weeks, and the lead time is 11 weeks. It is time to order. How much should the retailer order?Inventory Management Reorder The ToyWorld company produces toys out of plastic ordered from an outside supplier. ToyWorld's daily demand for plastic is normally distributed with a mean of 7,800 pounds and a standard deviation of 1,050 pounds. Lead time is 16 days. (Use the Formula Sheet Z table to determine Z values.) What is the service level if ToyWorld reorders when the plastic inventory reaches 134,586 pounds?ABC Company placed an order on December 1. It normally receives the order after 9 days. If the company has a normal usage of 10 units per day. What is the re-order point?