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Suppose that you are the manager of a production department that uses 400 boxes of rivets per year. Current data for the problem are : annual demand is D=400 boxes per year; ordering cost is S=$80; inventory carrying cost per box per year is 20% of the per-box purchase cost, and the per box purchase cost is P=$8
A. What is the EOQ quanity
B. What is the average inventory
C. What is the annual hiding cost
D. What is the optimal number of orders per year
E. What is the annual ordering cost
F. What is the annual total cost excluding the purchasing cost
G. How much would it cost more annual if the management decideds to buy 400 boxes, instead of the EOQ quanity obtained in part A above for each order? Calculate the total cost based on this assumption and compare the new cost to your answer in part F.
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