LIFO Method
Q: A supplier sells Hipoint-brand pens to stationary shops. The annual demand is approximately 24,000…
A: PLEASE BE NOTED AS PER THE POLICY I HAVE SOLVED THE FIRST QUESTION I.E. QUESTION 3. PLEASE POST…
Q: Question 3 Distribution requirements planning is a systematic process to make the delivery of goods…
A: A.1. Quickly adapt to modifications that can arise withinside the manner of the paintingA pull…
Q: QUESTION 9 A popuar and effective tool for demand management and planning is called
A: The correct answer is Forecasting. Forecasting is the tool that helps a manufacturer in planning the…
Q: Economic Order Quantity (EOQ), is the order quantity that ... over the planning horizon.
A: Economic order quantity (EOQ) is that the ideal order amount an organization should buy to minimize…
Q: UESTION 3 Space and equipment are major components of cost in warehouse management. Cube utilization…
A: Given: Stock keeping unit(SKU) Number of pallets SKU 010 2 SKU 020 5 SKU 030 13 SKU 040 7…
Q: Lead times recorded from the past 10 cycles 4.6 6.2 4.1 4.1 4.9 5.0 5.6 6.2 4.6 4.0 1. The most…
A: The following method will calculate the average lead time of the past 10 cycles. Now, calculate…
Q: Question 1: Considering that the annual demand of a product is 5000 orders, the retention cost is…
A: The quantity with the least total cost of inventory will be ordered. Total cost = Annual…
Q: Illustrate Guardian pharmacy’s reorder system to manage their inventory so meet customer…
A: Reorder point:- The inventory level that prompts a replenishment of that specific stock is known as…
Q: 52. During a move to a new location, the inventory records of 98 Degrees were misplaced. The…
A: Given- Dates Units Unit cost Total cost July 5 10,000 65 650,000 July 10 12,000 70 840,000…
Q: Question 23 A large producer of household products purchases a glyceride used in one of its…
A: Cost per unit = $2.5 Monthly demand = 40 pounds Annual demand = 40*12=480 pounds Holding cost % =…
Q: Question 2 Orange Inn Restaurant uses 35,000 units of flour mix per year which has a price of $20…
A: Economic order quantity refers to the quantity that the company orders in order to minimize the…
Q: Q 6. For the following data, calculate the number of workers required for level production and the…
A: Allow us to expect that Level Production is accomplished by keeping up with a similar creation yield…
Q: QUESTION 2 a. A manufacturing company Glass Items Manufacturing Limited (GIM), operating under a…
A: Given, Average weekly demand, AVG =150 units standard deviation, STD =30 units Lead time, L= 7 weeks…
Q: QUESTION 4 (a) Explain the Economic Order Quantity Model (EOQ). (b) Pfizer Company expects to sell…
A: Economic order quantity (EOQ) can be defined as an inventory management system ideal order quantity…
Q: Refer to the Value Stream Map. What does the triangle above letter D represent? Group of answer…
A: In Value Stream Map there are some specified symbols that are used to depict the process of…
Q: Prince Electronics, a manufacturer of consumer electronic goods, has five distribution centers in…
A: Pipeline inventory refers to the production units that are in transit. Total inventory (in units)…
Q: QUESTION 4 Mega Inc. manufactures hairdryers for the commercial market. One of the crucial parts…
A: Given, Annual demand, d =60000 units Handling cost, h =RM 0.50 per unit per month = 12×0.50 =$6 per…
Q: Question 9. Consider the information. Quarterly Demand = 4200, 3200, 4600, 3400, for quarters…
A: Given data is
Q: Question 5: Grizzly LLC produces its multimedia notebook computer on a production line that has an…
A: The detailed solution is given in Step 2.
Q: Problem 12.1L. Houts Plastics is a large manufacturer of injection-molded plastics in North…
A: ABC classification system:It is the system used for inventory control process. It refers to the…
Q: Babble, Inc., buys 375 blank cassette tapes per month for use in producing foreign language…
A: Economic order quantity is the inventory model to minimize total annual inventory cost.
Q: Explain periodic order quantity (POQ)?
A: Periodic Order Quantity: Here POQ represents the specified number of units to be ordered at a…
Q: QUESTION THREE (a) The actual demand of a product for 6 months are summarized in Table below: Actual…
A: Given that - Month (t) Demand (Dt) 1 300 2 450 3 700 4 900 5 1200 6 1400
Q: Q23. Molly Malone sells shellfish from a cart. She charges $8 for cockles, $12 for mussels, and $16…
A: $8 for cockles $12 for mussels, and $16 for oysters.
Q: QUESTION 27 Determine the value of X in the below table. Item: A Safety Stock = 20 %3! Description:…
A: Given data is
Q: Qno 3. Explain steps required in mail merger and benefits of mail merger and usage in the industry?…
A: Mail merge consists of combining mail and letters and pre-addressed envelopes or mailing labels for…
Q: Divan Incorporated sells preassembled furniture. Divan Inc buys module materials from its suppliers,…
A: This question is related to the topic of Inventory Management and this topic falls under the…
Q: Question 2. A convenience store, Shop Around the Corner, sells 5000 cans of peas every year. Shop…
A: Optimal order quantity is described as the means of determining the amount of product that will be…
Q: Question 11 You are responsible for maintaining an appropriate amount of inventory for Component A,…
A: Given - Annual Demand = 5000 units Lead time = 15 days Working days = 300
Q: Should the company continue to order 100 units every time it places an order or change the quantity…
A: Economic order quantity indicating a method of maintaining ordering policy which helps to reduce the…
Q: Fill in the partially completed inventory record shown here
A: Material requirements planning (MRP) is a digital inventory management system designed for improving…
Q: QUESTION 3 A). Describe each of the three basic strategies used in developing a production plan.…
A: Production planning refers to the predetermination of what to produce when to produce, where to…
Q: Find the output at which profit is maximized. Find the optimal price that maximizes…
A: Since you have asked multiple questions, we will solve the first three questions for you. If you…
Q: Q2/ A chemical factory produces three types of materials (A, B, C). After reviewing the request, the…
A: In this question, we have three types of materials, these are constraints, we have two components,…
Q: Question 1 (Stock Control) - Suyuti Auto purchases a component used in the manufacture of automobile…
A:
Q: Question 4 Fortis Utility Company uses 2,000 units per year which it stores at $0.50 per unit per…
A: Economic order quantity (EOQ) is the ideal order quantity that minimizes the total cost relating to…
Q: Q1. Hotel manager Mr. Smith and his resourceful assistant, John, run a 26-room hotel in a little…
A: a. Cost of under-booking Co = Cost of low fare = 159. Cost of overbooking = Cost of high fare = Cs =…
Q: An electronics shop sells 6000 headphones in a year and the sales is relatively constant throughout…
A: Given data Annual demand (D) = 6000 units or headphones Cost of 1 unit or purchased cost of each…
Q: Question 10.6 Storage Limited operates a 50-week working year. It produces a product called…
A: Given data stockholding cost= ∄ 4 per item per year fixed cost= ∄ 16 variable re-order cost= ∄30 per…
Q: To calculate Economic Order Quantity (EOQ =sqrt(D*k/h)
A: SOLUTION: To calculate Economic Order Quantity (EOQ =sqrt(D*k/h) include<iostream>…
Q: Responsible Testing Company may buy DNA‐testing equipment A costing $60,000 now (at year 0). This…
A: The question is related to Capital Budgeting. The Net Present Value = Present Value of Cash Inflow…
Q: Question 1 For supply item ABC, Andrews Company has been ordering 400 units per week. A new…
A: Annual demand, D= 20800 Quantity,Q= 400 Ordering cost = $22 Insurance and handing cost, I= $7 Price…
Q: Problem #1 Divan Incorporated sells preassembled furniture. Divan Inc buys module materials from…
A: Given- Annual demand (d)= 20,000 units Setup costs or Ordering cost (S)= $50
Q: QUESTION 1 AJ Fabrication has the following aggregate demand requirements and other data for the…
A: Given that- Total demand requirements - Quarter Demand 1 1300 2 1400 3 1500 4 1300…
Q: A B ABC INVENTORY ANALYSIS Item Number B8867 J1252 K9667 L2425 M4554 T6334 W9856 X2215 Y3214 Y6339…
A: Given data is
Question 1: The MTM manufacturing company disclose the following information of their inventories, for Mar, 2020.
The data related to the beginning Raw material inventory and purchases of raw material inventory are as follow:
Date |
Particulars |
Units |
Rate(Rs) |
Mar 01 |
Inventory (beginning ) |
3685 |
17 |
08 |
Purchases |
4600 |
19 |
14 |
Purchases |
3100 |
22 |
22 |
Purchases |
2300 |
19 |
27 |
Purchases |
3000 |
21 |
During the month of January raw material were used for production was worth Rs. 243645. FOH was ¾ of Direct Material, and Direct labor cost Rs. 1,80,000. There is no Beginning inventory of Work in Process and Finished good, while Ending inventory worth Rs. 30000 of finished goods and 25% is still work in process.
Required:
A. Cost of Goods Statement for each case.
- LIFO Method
- Weighted Average Method
Step by step
Solved in 2 steps
- Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: Jan. 1 Inventory 15 units at $40 $600 Aug. 13 Purchase 5 units at $41 205 Nov. 30 Purchase 11 units at $42 462 Available for sale 31 units $1,267 There are 9 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-in, first-out (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar). a. First-in, first-out (FIFO) $fill in the blank 1 b. Last-in, first-out (LIFO) $fill in the blank 2 c. Weighted average cost $fill in the blank 3Table 1. Demand of Hairdryer from January to July [Jadual 1. Permintaan Pengering Rambut dari Januari 2021 hingga Julai 2021] Month Demand January February 2800 2870 March 2968 April Мay 3000 3100 Jun 3150 July 3400 a) Calculate forecast future demand for May, June, July and August by using 3 months simple moving average.[hitung ramalan permintaan masa depan untuk bulan Mei, Jun, Julai dan Ogos dengan menggunakan purata bergerak sederhana 3 bulan.] *Periodic Inventory Using FIFO, LIFO, and Weighted Average Cost Methods The units of an item available for sale during the year were as follows: 12 units at $47 Jan. 11 Aug. 13 20 units at $48 Nov. 30 $564 960 735 Avaliable for sale $2,259 There are 20 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) first-in, first-out (FIFO) method; (b) last-sout (LIFO) method; and (c) weighted average cost method (round per-unit cost to two decimal places and your final answer to the nearest whole dollar). a First-in, first-out (FIFO) b. Last-in, first-out (LIFO) c. Weighted average cost Inventory Purchase Purchase 15 units at $49 47 units 1,284 X
- Demand for portable music players for joggers has caused Nancy Industries (Nancy) to grow almost 50 percent over the past year. The number of joggers continues to expand, so Nancy expects demand for music player to also expand, because, as yet, no safety laws have been passed to prevent joggers from wearing them. Demands for the players for last year was as follows : Month Demand (units) Jan 4200 Feb 4300 Mar 4000 Apr 4400 May 5000 Jun 4700 Jul 5300 Aug 4900 Sep 5400 Oct 5700 Nov 6300 Dec 6000 Question : From the choice of simple moving average, weighted moving average, exponential smoothing, and linear regression analysis, which forecasting technique would you consider the most accurate to Nancy Industries? Why?The units of Manganese Plus available for sale during the year were as follows: Mar. 1 June 16 Nov. 28 Inventory Purchase Purchase 23 units @ $29 32 units @ $30 42 units @ $36 97 units $667 960 1,512 $3,139 There are 14 units of the product in the physical inventory at November 30. The periodic inventory system is used. a. Determine the inventory cost by the FIFO method. $ b. Determine the inventory cost by the LIFO method. $ c. Determine the inventory cost by the weighted average cost methods. Round intermediate calculations and final answer to two decimal places.|Product D is stocked only at the AMC Chemical Company's Dallas warehouse and at the company's plant warehouse in Akron. The sales director has forecast product sales from the Dallas warehouse to be 40 units per week for the next 8 weeks. Product D is manufactured at the firm's Akron plant using 2 units of ingredient X per unit of product D. Information: Ingredient X Projected available balance: 4 Units Schedule receipt in week 1: 320 units Safety stock quantity: 2 Product D in Dallas Product D in Plant Warehouse Warehouse Projected available balance: 85 Units Safety stock quantity: 5 units Lead time: 2 weeks Lot for lot size quantity Projected available balance: 2 Units Schedule receipt in week 1: 46 units Safety stock quantity: 8 units units Lead time: 1 week Lead time: 4 weeks Lot for lot size quantity Lot size quantity: 320 units Prepare the DRP records for product D at the Dallas warehouse and the plant warehouse as well as the MRP record for ingredient X (Assume ingredient X is…
- Q1: Pat Jones is the general manager at Denny’s Muffler, which has 3 locations and 27 employees. Currently, the office manager at 3 stores put input their weekly sales results into a spreadsheet and e-mail that spreadsheet to Pat on Friday by noon. Each week, Pat handles between 120 to 350 records of sales data, and another 100 to 300 records of customer data. Pat would be like to keep track of weekly sales, which customers are associated with each sale, the parts used for each sale, what work was done for each customer at each sale, and which parts were used for each sale. If Pat wants to improve his efficiency and effectiveness, which of the following applications would be the best for collecting and storing Pat’s data? 1) Excel 2) SAP3) Access4) Minitab5) Teams6) MySQLProblem 3-14 (Algo) Demand for stereo headphones and music players for joggers has caused Nina Industries to grow almost 50 percent over the past year. The number of joggers continues to expand, so Nina expects demand for headsets to also expand, because, as yet, no safety laws have been passed to prevent joggers from wearing them. Demand for the players for this year was as follows: MONTH DEMAND (UNITS) 4,150 4,25e 3,950 4, 350 4,95e 4,650 5,25e 4,850 5,35e 5,65e 6,25e 5,95e January February March Аpril Мay June July August September October November December a. Using linear regression analysis, what would you estimate demand to be for each month next year? Using a spreadsheet, follow the general format in Exhibit 3.8. (Do not round Intermedlate calculatlons. Round your answers to 2 decimal places.) Month Forecast January February March April May June July August September October November December b. To be reasonably confident of meeting demand, Nina decides to use 3 standard errors…Problem 2: Week Forecast Customer Orders Projected On-Hand Inventory MPS Available-to-Promise On-hand Inventory schedule production whenever projected on-hand inventory drops below MPS lot size Complete the master production schedule based on the following information 160 160 30 300 1 120 110 2 100 100 3 130 75 4 110 50 5 140 32 6 140 11 7 170 5 8 180 0
- Demand for stereo headphones and MP3 players for joggers has caused Nina Industries to grow almost 50 percent over the past year. The number of joggers continues to expand, so Nina expects demand for headsets to also expand, because, as yet, no safety laws have been passed to prevent joggers from wearing them. Demand for the players for last year was as follows: MONTH DEMAND (UNITS) January 4,120 February 4,220 March 3,920 April 4,320 May 4,920 June 4,620 July 5,220 August 4,820 September 5,320 October 5,620 November 6,220 December 5,920 a. Using linear regression analysis, what would you estimate demand to be for each month next year? (Do not round intermediate calculations. Round your answers to 2 decimal places.) b. To be reasonably confident of meeting demand, Nina decides to use 3 standard errors of estimate for safety. How many additional units should be held to meet this level of confidence? (Do not round intermediate calculations. Round…Q4) A manufacturer provides specialized microchips. During the next 3 months its sales, costs, and available time are shown in the table. Month 1 Month 2 Month 3 There are no chips in stock at the beginning of the first month. It takes 1.5 hr of production time to produce a chip and costs $5 to store a chip from one month to the next. Determine a production schedule that meets the demand requirements, does not exceed the monthly production time limitations, and minimizes cost. Note that no chips should be in stock at the end of the 3 months. Use fmincon. Chips required Cost regular time ($/chip) Cost overtime ($/chip) Regular operation time (hr) Overtime (hr) 1000 100 110 2500 100 120 2200 120 130 2400 2400 720 2400 720 720Define INVENTORY CONTROL?