Reference no: EM13235857
Pioneer Steels needs 8000 ingot molds each year. It buys these from Neco Steels for $200 each. Ordering costs are typically $600/order, and annual carrying costs are 10% of the purchase price. Pioneer Steels works for 50 weeks in a year. With this info, answer the following questions (do not round off).
1. Suppose Pioneer's order size is 1,200 molds / order.
a. What will be the total inventory carrying for the year?
b. How many orders will be placed in a year?
c. How many weeks should be between two consecutive orders?
d. What is the cycle time (in weeks)?
e. What is the run time (in weeks)?
2. Suppose Pioneer decides to used the optimum order size given by EOQ.
a. What is the optimum order size?
b. How many orders will be placed each year?
c. How many weeks should be between two consecutive orders?
d. What will be the average inventory during any given time?
e. What is the cost of placing orders each year?
f. What will be cost of holding inventory each year?
g. What is the total inventory carrying cost each year?
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: Pioneer Steels needs 8000 ingot molds each year. It buys these from Neco Steels for $200 each. Ordering costs are typically $600/order, and annual carrying costs are 10% of the purchase price.
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