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Garden Variety Flower Shop uses 750 clay pots a month. The pots are purchased at $2 each. Annual carrying costs per pot are estimated to be 30 percent of cost, and ordering costs are $20 per order. The manager has been using an order size of 1,500 flower pots.
a. What additional annual cost is the shop incurring by staying with this order size? Hint: compare the current cost to the cost if you used an EOQ order method. (Round your intermediate calculations and final answer to 2 decimal places. Omit the "$" sign in your response.)
Additional annual cost __ $
b. Other than cost savings, what benefit would using the optimal order quantity yield? (Round your answer to the nearest whole percent. Omit the "%" sign in your response.)
About __ % of the storage space would be needed
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