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To ship each other, the cost is 190+3* order quantity. The purchase cost is $17 per pair. You sell each pair for $35. Your daily demand is estimated to be 22 pairs. Assume that there are 364 days a year. The annual financial interest is 10%.
You realize that the EOQ model is not appropriate because 1) there is a lead-time of one week(7days); ii) the demand is uncertain- it is normally distributed and has a standard deviation of 4 pairs per day. You then decide to use a Periodic Review System with a review period of four weeks (28 days). Your goal is to satisfy 97.5% of demand.
1) How to determine the order quantity?
2) Calculate the average inventory(round whole number)
3) Calculate the annual holding cost
4) Calculate the annual setup cost
5) Calculate the profit
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