Question: Michigan State Figurine Inc. (MSF) sells crystal figurines to Spartan fans. MSF buys the figurine…

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Jun 13, 2022

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Question: Michigan State Figurine Inc. (MSF) sells crystal figurines to Spartan fans. MSF buys the figurine…

by | Jun 13, 2022 | Questions & Answers


Michigan State Figurine Inc. (MSF) sells crystal figurines to
Spartan fans. MSF buys the figurines from a manufacturer for $24
per unit. They send orders electronically to the manufacturer,
costing $34 per order and they experience an average lead time of
seven days for each order to arrive from the manufacturer. Their
inventory carrying cost is 20 percent. The average daily demand for
the figurines is four units per day. They are open for business 250
days a year. Answer the following questions:

a. How many units should the firm order each
time? Assume there is no uncertainty at all about the demand or the
lead time. (Do not round intermediate calculations. Round
your answer to the nearest whole number.)

b. How many orders will they place in a year?
(Use your rounded answer from Part a. Round your answer to
2 decimal places.)

c. What is the average inventory? (Use
your rounded answer from Part a. Round your answer to 1 decimal
place.)

d. What is the annual ordering cost? (Use
your rounded answer from Part b. Round your answer to 2 decimal
places.)

e. What is the annual inventory carrying cost?
(Use your rounded answer from Part a. Round your answer to
2 decimal places.)

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