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ShopAsia is an established e-commerce business. The company uses a continuous review system for its inventory management system and has been using ABC classification to differentiate the wide range of fashion items that it keeps in stock. As the new head of ShopAsia's online retail arm, your responsibility is to ensure the reorder quantities for the various items sold via the online channel are correctly established. You started by examining the data of the items that are classified as 'A' items based on the company's records. Assume demand occurs 365 days per year and the characteristics of one such 'A' item are as follows: Demand (D) = 2,400 sets per year (Assume 365-day year) Ordering or setup cost (S) = $5 per order Holding cost (H) = $4 per unit per year Lead time (L) = 7 days Standard deviation of daily demand = 4 units per day Service probability = 98%
Examine the inventory situation of ShopAsia by calculating the following: EOQ for this item Desired safety stock Reorder point
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