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Sims Hardware sells wood pellets used in heating stoves and slow-cook grills. The supplier for the pellets pays all incoming freight. Following is detailed data collected regarding pellet inventory needs:
Annual demand for wood pellets 65,000 lbs.Ordering cost per purchase order $120Carrying cost per year 15% of purchase costsSafety-stock requirements noneCost of wood pellets $4 per 40 lb bag
The purchasing lead time is three weeks. Sims Hardware is open 240 days a year (48 weeks for 5 days a week).
Required:
Problem 1: Calculate the EOQ for wood pellets.
Problem 2: Calculate the number of orders that will be placed each year.
Problem 3: Calculate the reorder point for wood pellets.
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