If implementing a JIT system reduces inventory holding costs by $10,000 per year and ordering costs by $5,000 per year, calculate the annual savings from implementing JIT.
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- Compare the Wilson approach with the Just-In-Time (JIT) inventory system, highlighting their respective advantages and limitations.What is the ABC method of inventory control? Demonstrate your understanding of ABC analysis with a practical example?What are the JIT (Just-in-time inventory) benefits and drawbacks for a business?
- Carter Company is trying to decide whether or not to change from a traditional inventory system to a just-in-time (JIT) system Discuss: 1) Will JIT affect how goods are ordered and produced? 2) Will JIT affect the financial health of the company? 3) Will JIT affect the accounting system? 4) What costs are affected by the introduction of a JIT system? 5) Would Carter's customers derive any benefits from the change to a JIT system?The super discount store open 24 hours a day every day 365 days sells eight packs of paper towels at the rate of approximately 420 packs per week because the towers are so broke the annual cost to carry them in inventory is estimated at $.50 the cost to place an order for more is $20 and it takes four days for an order to arrive what is the cycle time? total cost?The most important inventory item has annual holding costs of $506.00. One method of shipping this item is 4 days faster than the other, but it is $1.30 more per unit. How much more expensive is the slower method compared to the faster method? (Include the pennies in your answer)
- Unaiki manages the inventory for Hine's kids collection. She's had too many stockouts lately and is worried about poor customer service. Therefore, she is considering a change to the current inventory control system for kids track pants. She gathers the following information: average demand: 250 pairs/week lead time: 2 weeks order cost = $75 per/order unit cost: $21.50 carrying charge rate = 18% desired service level = 95% standard deviation of weekly demand: 40 number of weeks per year: 52 Unaiki decides to use a fixed order quantity system. a. What is the Economic Order Quantity? b. What are the total annual order and inventory-holding costs for the EOQ? c. What should the reorder point be to have a 95% service level? d. Help Unaoiki understand her new order logic: In order to stay in stock 95% of the time. she should place an order for ________ pairs when ____________.Why is inventory management not suitable for computer-assisted sequential processing?Jack Ltd is a market leader in the manufacture of apple juice. They operate a reorder level system of inventory management, and the following information is available for green apples: Average usage 800 per day Minimum usage 540 per day Maximum usage 1260 per day Lead time for replenishment Reorder quantity 16-20 per day Reorder quantity 19,500 apples Required: a) Calculate the reorder level b) Calculate the maximum level of inventory c) Calculate the minimum (buffer) inventory level
- Describe how the cost of storage be brought to minimum or zero?UPD Manufacturing produces a range of health care appliances for hospital as well as for home use. The company has experienced a steady demand for its products, which are highly regarded in the health care field. Recently the company has undertaken a review of its inventory ordering procedures as part of a larger effort to reduce costs. One of the company's products is a blood pressure testing kit. UPD manufactures all of the components for the kit in-house except for the digital display unit. The display units are ordered at six-week intervals from the supplier. This ordering system began about five years ago, because the supplier insisted on it. However, that supplier was bought out by another supplier about a year ago, and the six-week ordering requirement is no longer in place. Nonetheless, UPD has continued to use the six-week ordering policy. According to purchasing manager Tom Chambers, “Unless somebody can give me a reason for changing, I'm going to stick with what we've been…“oh fada” receives supplies from a wide range of suppliers directly and adds value by breaking down bulk, customising certain items, and holding stocks until customers require them. The number of inflows of various ranges of goods serving the same purpose has begun to increase with several large amounts laying ideal in warehouse and threatening to become obsolete and also adding up unnecessary cost. The coding system does not allow for ease of identification of the products and wrong item are often picked as the difference between the right and wrong item can be just one digit. Orders are received by telephone and there is no provision for electronic ordering. The stock coding system is a sequential one and has contributed to several issues including inaccurate order entry as it is not possible to find the product details from the codes in use. The products for the orders are manually picked by a team, stock records is done manually with a lot of errors and does not update stock…