Question
A television manufacturer requires 24000 pieces of wire (each 2 cm long) every month for assembly. Ordering cost per order is Rs. 2000 and carrying (or holding) cost is 25 percent of the unit price. The price per unit of a piece is Rs. 5. Assuming delivery is instantaneous, find the economic order quantity (EOQ) and the reorder point.
Answer :
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To find the Economic Order Quantity (EOQ) and the reorder point for the television manufacturer, we can use the EOQ model, which helps determine the optimal order quantity that minimizes the total inventory cost. The EOQ formula is:
\[EOQ = \sqrt{\frac{2DS}{H}}\]
Where:
- D = Annual demand (in pieces)
- S = Ordering cost per order (in Rs.)
- H = Holding cost per unit per year (in Rs.)
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