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A given company uses a periodic review inventory control system where they check the inventory of an item they produce once every 15 days. Historical records show that the expected minimum inventory they get in their warehouse is 42.7332 units. The holding cost is 10% of product price annually and the unit price of the parts made is $50. The mean daily demand is 50 units and the daily σd is 10 units. Assume a year has 250 working days and the setup cost (ordering cost) is $200. It takes 2 days between they decide to produce the item until it is received at their warehouse. In order to check inventory, one worker spends 8 hours being paid at $22 per hour.
a. What service level are they providing?
b. How many orders are expected to happen in one year? What is the total ordering costs (setup + labor costs)?
c. What is annual safety stock holding cost for this periodic review inventory (POQ) system?
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