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Question 1:

The Economic Order Quantity (EOQ) and Reorder Point Quantity are arrived at by using the following formulas.

EOQ =                               2SD

iC

Whereby;

EOQ represent the annual Demand of the inventory by an entity

S represents the setup costs incurred in bringing the inventory into saleable condition.

D is Demand for the year

C represents unit cos

i stands for Carrying cost percentage.

On the other side, ROP is obtained by using the formula illustrated below:

ROP =    3 x D

52

Using the five SKUS 2012 annual demand data the Company EOQ and ROP will be as follows..

 Total set up cost (S) Weekly Demand (D) Carrying cost (i) Unit Cost (C) EOQ (case) ROP (case) Strawberry Jam 63.70 74 9% 28.34 61 4 Raspberry Jelly 63.70 63.75 9% 30.52 54 4 Peach Jam 63.70 44.5 9% 26.86 48 3 Blueberry Jam 63.70 27.75 9% 29.01 37 2 Apple/Mint Jelly 63.70 16.5 9% 26.32 30 1

NOTE:

1.     The following figures in the EOQ and ROP column have been arrived at by using the above two formulas

2.     The weekly demand is arrived at by dividing the monthly demand by 4 to obtain the weekly demand in the last week of June 2012.

When the data obtained from this calculation is compared with the one of 2011, it comes out clearly that the annual demand has been increasing. This because of the demand for the product in the market is increasing, and also the company is avoiding to create the shortage of its products in the market (Sukhia, Khan, & Bano, 2014).

Question 2:

The costs associated with EOQ are based both on the variable costs and the fixed costs (Sulak, Eroğlu, Bayhan, & Avci, 2015). Variable costs differ with the level of production, and thus the value of EOQ should be obtained by putting into consideration all the inputs which actively participated in the production. Therefore, in this case, the costs attributable to the three works should not be included in total costs. This leads to a reduction of the total costs incurred by the three workers from the total cost as follows.

63.70 – (1.29 x 3)

= 59.80.

Using this new cost the EOQ and ROP of the year 2012 will be recalculated as;

 Total set up cost (S) Weekly Demand (D) Carrying cost (i) Unit Cost (C) EOQ (case) ROP (case) Strawberry Jam 59.80 74 9% 28.34 58 4 Raspberry Jelly 59.80 63.75 9% 30.52 53 4 Peach Jam 59.80 44.5 9% 26.86 47 3 Blueberry Jam 59.80 27.75 9% 29.01 36 2 Apple/Mint Jelly 59.80

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