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Michigan State Figurine Inc. (MSF) sells crystal figurines to Spartan fans. MSF buys the figurines from a manufacturer for $35 per unit. They send orders electronically to the manufacturer, costing $65 per order and they experience an average lead time of six days for each order to arrive from the manufacturer. Their inventory carrying cost is 20 percent. The average daily demand for the figurines is three units per day. They are open for business 250 days a year. Answer the following questions:
What is the annual ordering cost? (Use your rounded answer from Part b. Round your answer to 2 decimal places.) part b rounded answer=6.31
What is the annual inventory carrying cost? (Use your rounded answer from Part a. Round your answer to 2 decimal places.)
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