Business, 20.04.2020 19:34 bakerj4314

A manager wants to minimize the total cost of the inventory. The annual demand for the wheel is 60,000 wheels, and the firm operates 240 days per year. The plant can produce of 300 wheels per day. The cost to prepare the equipment to start a production run is $150, and the annual inventory carrying cost is $3 per year. Write your answer and then Round your answer up to the nearest number for future calculation. (e. g 9.6 => 10). Please clearly write down the formulation and calculation for your answers.

Show formulas and calculations please

Questions:

2e. What is the average inventory?

2f. What is the total annual cost of producing and storing the firm’s wheels?

Answers: 2

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A manager wants to minimize the total cost of the inventory. The annual demand for the wheel is 60,0...