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Compute the order point

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Mayer, Inc. predicts it will use 63,000 units of material during the year. The expected daily usage is 500 units, and there is an expected lead time of five days and a desired safety stock of 1,500 units. The material is expected to cost $5 per unit. Mayer anticipates it will cost $194.45 to place each order. The annual carrying cost is $.50 per unit.

Required:

Question 1: Compute the order point.

Question 2: Determine the most economical order quantity by use of the EOQ formula (round to the nearest whole unit).

Question 3: Calculate the total cost of ordering and carrying at the EOQ point.

Reference no: EM132472509

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