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Determine the appropriate reorder point

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Question - Management at Ardmore Farm and Seed has never analyzed the costs associated with their inventory policy, and they currently have a large stock of insecticide in the warehouse. They estimate that it costs $20 to place an order, and it costs $0.2 per gallon to hold the spray. The firm requires 80,000 gallons for the year (assume 365 days).

Required -

-Calculate EOQ.

-Calculate the total cost of inventory implied by the EOQ from a.

-If it takes 20 days to receive an order from suppliers, determine the appropriate reorder point.

Reference no: EM132980890

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