Taizhou Products Uses 800 Units of a Product Per Year

question 155

Essay

Taizhou Products uses 800 units of a product per year on a continuous basis. The product has carrying costs of $50 per unit per year and order costs of $300 per order. It takes 30 days to receive a shipment after an order is placed and the firm requires a safety stock of 5 days usage in inventory.
(a) Calculate the economic order quantity (EOQ).
(b) Determine the reorder point.

Recognize the influence of emotions, distinctiveness, and rehearsal on memory retention.

Understand the concept of memory decay over time.

Identify biases and errors in eyewitness memories and methods to improve their reliability.

Comprehend how questioning techniques can influence memory accuracy.

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Definitions:

Customer Complaint

A formal expression of dissatisfaction made by a customer regarding a product or service.

Opportunity

A set of circumstances that makes it possible to do something or for something to happen.

External Customers

Individuals or entities that purchase goods or services from a business but are not part of the organization.

Internal Counterparts

The elements within an individual or system that correspond to or are analogous with external or opposing elements.