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Determine the economic order quantity

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Reference no: EM132853525

Question - Alfred operates a factory that manufactures bread and cakes. One of the major raw materials used is organic maize, which he buys for $5 per kilogram. The factory operates for 350 days each year. The following information has been provided:

Annual usage of maize 80 000 kilograms

Average time between placing and receiving order 4 days

Estimated cost of ordering and receiving inventory (per order) $8

Estimated annual cost of carrying a kilogram of maize in stock $0.50

Required - Use the above data

(a) Determine the economic order quantity (EOQ)?

(b) Determine the number of orders per year.

Reference no: EM132853525

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