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Evans Company has the following information:
Annual demand 4000 units
Order size 1000 units
Ordering cost per order £500
Carrying costs per unit for one year £50
Lead time (maximum 20 days) 10 days
Maximum daily use 25 units
Work year 250 days
Required:
Question (a) Determine the economic order quantity for Evans.
Question (b) What is the annual savings to Evans Company if it was to change from an order size of 1000 to the economic order quantity? Discuss
Question (c) What is the reorder point? Discuss.
Question (d) What is the safety stock needed to prevent stock-outs? Discuss.
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