Manfred Manufacturing Is Involved in the Production of Machine Parts

question 121

Essay

Manfred Manufacturing is involved in the production of machine parts.The company uses 600,000 pounds of steel annually.The current purchasing cost for steel is $3.20 per pound.The carrying cost for inventory is 10 percent of the purchase price.The cost of ordering steel is $800 per order.The company has decided to maintain a safety stock of 15,000 pounds.The delivery time per order is 6 days.The company works 365 days a year.
a.Determine the optimal EOQ.
b.How many orders will be placed annually?
c.What is the average inventory?
d.What is the inventory order point? (That is,at what level of inventory should a new order be placed?)
e.What is the company's total inventory cost for the year?

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Definitions:

Discoveries

The act of finding something unexpected or previously unknown through exploration or study.

In-Service

Educational training or activities designed to improve the knowledge and skills of employees or professionals, often within their place of work.

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A method by which individuals can check their own breasts for lumps, changes, or abnormalities as a way to detect early signs of breast cancer.

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An educational institution typically serving the children in the surrounding community or locality.