Calculate the reorder level 1. Calculate the maximum level of inventory 2. Calculate the minimum (buffer) inventory level
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Jack Ltd is a market leader in the manufacture of apple juice. They operate a reorder level system of inventory management, and the following information is available for green apples:
Average usage 800 per day
Minimum usage 540 per day
Maximum usage 1260 per day
Lead time for replenishment 16 - 20 per day
Reorder quantity 19,500 apples
a. Calculate the reorder level
1. Calculate the maximum level of inventory
2. Calculate the minimum (buffer) inventory level
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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.Jack Ltd is a market leader in the manufacture of apple juice. They operate a reorder level system of inventory management, and the following information is available for green apples:Average usage 800 per dayMinimum usage 540 per dayMaximum usage 1260 per dayLead time for replenishment 16-20 dayReorder quantity 19,500 applesRequired:1. Calculate the reorder level ii Calculate the maximum level of inventory iii Calculate the minimum (buffer) inventory levelGolden Crust Bakery buys flour in 25-pound bags. The bakery uses an average of 1,215 bags a year. Preparing an order and receiving a shipment of flour involves a cost of $10 per order. Annual holding costs are $75 per bag. Once an order for flour is placed, it takes six (6) days to receive the order from the flour factory. The bakery operates 350 days per year. Calculate the following: Economic Order Quantity Expected number of orders (Order Frequency) Average inventory The annual holding cost The annual ordering cost The total annual cost of inventory management Reorder point If holding costs were to increase by $9 per year, how much would that affect the minimum total annual cost?
- Jack Ltd is a market leader in the manufacture of apple juice. They operate areorder level system of inventory management, and the following information isavailable for green apples:Average usage 800 per dayMinimum usage 540 per dayMaximum usage 1260 per dayLead time for replenishment 16-20 dayReorder quantity 19,500 applesRequired: iii Calculate the minimum (buffer) inventory levelJack Ltd is a market leader in the manufacture of apple juice. They operate a reorder level system of inventory management, and the following information is available for green apples: Average usage 800 per day Minimum usage 540 per day Maximum usage 1260 per day Lead time for replenishment Reorder quantity 16-20 per day Reorder quantity 19,500 apples Required: a) Calculate the reorder level b) Calculate the maximum level of inventory c) Calculate the minimum (buffer) inventory levelA 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 $53 Inventory carrying cost = 25% a. What is the standard deviation of demand during lead time? b. How many fishing rods should the distribution center carry to provide the desired service level? c. What is the EOQ? d. What is the average cycle stock?
- Jack Ltd is a market leader in the manufacture of apple juice. They operate areorder level system of inventory management, and the following information isavailable for green apples:Average usage 800 per dayMinimum usage 540 per dayMaximum usage 1260 per dayLead time for replenishment 16-20 dayReorder quantity 19,500 applesRequired:a. Calculate the reorder levelXemex has collected the following inventory data for the six items that it stocks: ITEM CODE UNIT COST ($) ANNUAL DEMAND (UNITS) ORDERING COST ($) CARRYING COST AS A PERCENTAGE OF UNIT COST 1 10.60 600 40 20 2 11.00 450 30 25 3 2.25 500 50 15 4 150.00 560 40 15 5 4.00 540 35 16 6 4.10 490 40 17 Lynn Robinson, Xemex’s inventory manager, does not feel that all of the items can be controlled. What ordered quantities do you recommend for which inventory product(s)?Earthbound Corporation is a manufacturer and distributor of air conditioning systems. You have been engaged to install an accounting system for Earthbound period among the inventory control features earthbound desires as part of the system are indicators of how much to order and when period. The following information is furnished for a product called “Hydronix” which is carried in inventory: Hydronix are sold by the gross (12 dozen) at a list price of P800 per gross FOB shipper. John receives a 40% trade discount off list price on purchases in gross lots. Freight cost is P20 gross from the shipping point to John's plant John uses about 5,000 Hydronix during 259-day production year and must purchase a total of 36 gross per year to allow for normal breakage. Minimum and maximum usages are 12 and 28, respectively. It takes 20 working days (normal delivery time) to receive an order from the date the purchase request is initiated. A rush order in full gross lots can be received by air…
- A spice retailer has a lead time of 4 weeks from its supplier of a particular item and the retailer orders every week. Average weekly demand is normally distributed with a mean of 40 units and standard deviation of 30 units. a) If it uses an order-up-to level of 301 units, what is its expected ON-HAND inventory? b) If it uses an order-up-to level of 250 units, what is its expected ON-ORDER inventory? c) If it uses an order-up-to-level of 368 units, what is its in-stock probability? d) For a .96 in-stock probability, what should its order=up-to level be?GameStop has maintained 75% service level for inventory of PlayStation 5. Mean demand during lead time is 166 PlayStations, and the standard deviation during lead time is 58 PlayStations. The annual cost of carrying one PlayStation in inventory is $12. The store’s operations analyst recently told GameStop's management that they could expect a $550 improvement in profit (based on current figures of cost per PlayStation) if the service level were increased to 97.5%. Is it worthwhile for GameStop to make this change?Southern Markets, Inc. is considering the use of ABCanalysis to focus on the most critical SKUs in its inventory.Currently, there are approximately 20,000 different SKUswith a total dollar usage of $10,000,000 per year.a. What would you expect to be the number of SKUs and thetotal annual dollar usage for A items, B items, and C itemsat Southern Markets, Inc.? b. The following table provides a random sample of the unitvalues and annual demands of eight SKUs. Categorizethese SKUs as A, B, and C items.