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Question - The local grocery store, Food Town, sells 14,000 gallons of milk per year. They are open 325 days per year. Due to needing to be refrigerated, they estimate that the milk has a holding cost of 20%. They pay $1.50 per gallon from their dairy supplier. To place an order with this supplier, they estimate it costs $55 per order to process. The leadtime (once they place the order) to when they receive the milk is three working days. They like to have 10 gallons of milk as safety stock.
a) What is the EOQ?
b) Calculate the Annual Set up (ordering) Cost, Annual Holding Cost, Annual Product Cost and Total Cost.
c) What is the reorder point?
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