The document discusses inventory management and control techniques. It covers topics like setting stock levels, inventory budgeting, perpetual inventory systems, ABC analysis, economic order quantity (EOQ) modeling, and quantity discounts. ABC analysis involves categorizing inventory items into A, B, and C categories based on their value and accounting for 80%, 15-20%, and 5-10% of total spending, respectively. EOQ modeling determines the optimal order quantity to minimize total inventory costs based on factors like demand, ordering costs, and holding costs. Quantity discounts provide pricing incentives for purchasing higher volumes.
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Industrial Hygiene - Week III Assessment Only 100 origina.docxdirkrplav
Industrial Hygiene - Week III Assessment
Only 100% original, non-plagiarized responses, including all references and
citations.
1. List the six major categories of occupational illnesses, and give three examples of each.
What are some methods that can be used to control potential exposures in the workplace?
Your response should be at least 200 words in length. All sources used, including the
textbook, must be referenced; paraphrased and quoted material must have accompanying
citations.
2. Discuss the various ways that hazardous chemicals can enter the human body.
Your response should be at least 200 words in length. All sources used, including the
textbook, must be referenced; paraphrased and quoted material must have accompanying
citations.
3. Discuss safe practices that can be used for working with chemicals in laboratories.
Your response should be at least 200 words in length. All sources used, including the
textbook, must be referenced; paraphrased and quoted material must have accompanying
citations.
4. Personal and area monitoring are discussed in Chapter 3. Define each type of sampling
technique, give an example, and discuss how the data collected for each is used. Be sure
to include information regarding extractive sampling and direct-reading methods as well
as the advantages and disadvantages of each.
Your response should be at least 200 words in length. All sources used, including the
textbook, must be referenced; paraphrased and quoted material must have accompanying
citations.
5. Organic solvents are a family of compounds that are used extensively in industry. List
some examples of organic solvents, and discuss how they are hazardous and what
protective measures can be used to control exposure.
Your response should be at least 200 words in length. All sources used, including the
textbook, must be referenced; paraphrased and quoted material must have accompanying
citations.
Data Input SheetSTOCK VALUATION MODELS - DDM (Dividends & Repurchases)ENTER DATA IN YELLOW-CODED CELLSNAME OF COMPANYAAPLOUTPUT IN SUBSEQUENT WORKSHEETSLAST YEAR2013YearNUMBER OF SHARES OUTSTANDING (Mil.)5,880.00Millions of SharesMARKET PRICE OF STOCK / SHARE$107.00Dollars Per ShareNET INCOME AFTER TAXES$37,037.00Millions of DollarsTOTAL SALES$170,910.00Millions of DollarsBOOK VALUE OF EQUITY$123,549.00Millions of DollarsRISK FREE RATE (Appropriate T- Bill or T-Bond)2.40%Annual Percentage RateDIVIDENDS PAID (TOTAL)$10,564.00Millions of DollarsSTOCK REPURCHASES (TOTAL)$22,330.00Millions of DollarsREQUIRED INFORMATION FOR CALCULATION OF REQUIRED RATE OF RETURNBETA OF STOCK0.88MARKET RISK PREMIUM1.76%Expected Market Risk Premium %REQUIRED INFORMATION FOR VARIABLE GROWTH RATE VALUATIONSEXPECTED GROWTH RATE FOR EARNINGS19.3200%15.9500%16.4100%11.5000%11.5000%EXPECTED GROWTH RATE (DIVIDENDS & STOCK REPURCHASES)15.0000%15.0000%15.0000%15.0000%15.0000%COMPUTER-GENERATED CALCULATIONSEARNINGS PER SHARE$6.30LAST CASH D.
Management AccountingActivity Based Costing vs Absorption Cost.docxinfantsuk
Management Accounting
Activity Based Costing vs Absorption Costing
Table of Contents
Budgeted Profit Statements 1
1.1 Absorption Costing 1
1.2 Activity Based Costing 3
1.3 Comments on the results 5
2.0 Discussion of the statement 6
References 9
0
2
1.0 Budgeted Profit Statements
1.1 Absorption Costing
Traditional absorption costing involves the calculation of product cost, using direct and indirect variable costs and fixed and variable overheads, which are substituted over the complete production. Overhead cost substitution is based upon the process activity that drives the cost. Machine hours and assembly hours are two example activities that influence product development; overheads are allocated based upon the hours consumed in each department.
The following table summarises the activity levels involved in the production process:
Product
Units
Machine (Hours)
Assembly (Hours)
Setups
Orders
Suppliers
XYI
50,000
100,000
350,000
120
8,000
3,000
YZT
40,000
200,000
120,000
200
8,000
4,000
ABW
30,000
120,000
60,000
200
16,000
4,200
Total
120,000
420,000
530,000
520
32,000
11,200
When the cost is allocated to each product, finding each product’s contribution towards overhead provides a clearer picture. The following table summarises the total contributions of the three products.
Total Contribution
Products
Selling Price (£)
(1)
Cost Price (£)
(2)
Contribution (£)
(3)= (1)-(2)
Units
(4)
Total Contribution (5)= (3)x(4)
XYI
45
32
13
50,000
650,000
YZT
95
84
11
40,000
440,000
ABW
73
65
8
30,000
240,000
The absorption rate on which the overhead cost is allocated to the products is also important in making the profit and loss statement. Since this involves two significant activities, the overhead is allocated over these two cost drivers.
· O/H Absorption rate (Machine Hours)
Overheads / machine hours = £504,000 / 420,000 = £1.20/hour
· O/H Absorption rate (Assembly Hours)
Overheads / assembly hours = £437,000 / 530,000 = £0.8245/hour
Based upon absorption rates, the following table summarises the division of overhead costs over the three products.
Machine Hours
Assembly Hours
Products
Hours
(1)
Rate
(2)
Overheads
(3)=(1)*(2)
Hours
(4)
Rate
(5)
Overheads
(6)=(4)*(5)
Total O/H
(7)=(3)+(6)
XYI
100,000
1.20
120,000
350,000
0.8245
288,575
408,575
YZT
200,000
1.20
240,000
120,000
0.8245
98,940
298,940
ABW
120,000
1.20
144,000
60,000
0.8245
49,470
169,470
504,000
436,985
940,985
· Statement of Profit / (Loss)
Using Absorption Costing Method
Revenue
XYI
YZT
ABW
(1) Units
50,000 units
40,000 units
30,000 units
(£)
(£)
(£)
(£)
(2) Sale Price
45
95
73
(3) Cost Price
32
84
65
(4) Contribution (2) – (3)
13
11
8
Total Contribution (4) * (1)
650,000
440,000
240,000
1,330,000
Overheads *
(408,575)
(298,940)
(169,470)
(940,985)
Net Profit
241,425
101,060
46,530
389,015
1.2 Activity Based Costing
The focus of activity based costing is upon departmentalizing overheads cost; this cost can be attributed to th ...
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Industrial Hygiene - Week III Assessment Only 100 origina.docxdirkrplav
Industrial Hygiene - Week III Assessment
Only 100% original, non-plagiarized responses, including all references and
citations.
1. List the six major categories of occupational illnesses, and give three examples of each.
What are some methods that can be used to control potential exposures in the workplace?
Your response should be at least 200 words in length. All sources used, including the
textbook, must be referenced; paraphrased and quoted material must have accompanying
citations.
2. Discuss the various ways that hazardous chemicals can enter the human body.
Your response should be at least 200 words in length. All sources used, including the
textbook, must be referenced; paraphrased and quoted material must have accompanying
citations.
3. Discuss safe practices that can be used for working with chemicals in laboratories.
Your response should be at least 200 words in length. All sources used, including the
textbook, must be referenced; paraphrased and quoted material must have accompanying
citations.
4. Personal and area monitoring are discussed in Chapter 3. Define each type of sampling
technique, give an example, and discuss how the data collected for each is used. Be sure
to include information regarding extractive sampling and direct-reading methods as well
as the advantages and disadvantages of each.
Your response should be at least 200 words in length. All sources used, including the
textbook, must be referenced; paraphrased and quoted material must have accompanying
citations.
5. Organic solvents are a family of compounds that are used extensively in industry. List
some examples of organic solvents, and discuss how they are hazardous and what
protective measures can be used to control exposure.
Your response should be at least 200 words in length. All sources used, including the
textbook, must be referenced; paraphrased and quoted material must have accompanying
citations.
Data Input SheetSTOCK VALUATION MODELS - DDM (Dividends & Repurchases)ENTER DATA IN YELLOW-CODED CELLSNAME OF COMPANYAAPLOUTPUT IN SUBSEQUENT WORKSHEETSLAST YEAR2013YearNUMBER OF SHARES OUTSTANDING (Mil.)5,880.00Millions of SharesMARKET PRICE OF STOCK / SHARE$107.00Dollars Per ShareNET INCOME AFTER TAXES$37,037.00Millions of DollarsTOTAL SALES$170,910.00Millions of DollarsBOOK VALUE OF EQUITY$123,549.00Millions of DollarsRISK FREE RATE (Appropriate T- Bill or T-Bond)2.40%Annual Percentage RateDIVIDENDS PAID (TOTAL)$10,564.00Millions of DollarsSTOCK REPURCHASES (TOTAL)$22,330.00Millions of DollarsREQUIRED INFORMATION FOR CALCULATION OF REQUIRED RATE OF RETURNBETA OF STOCK0.88MARKET RISK PREMIUM1.76%Expected Market Risk Premium %REQUIRED INFORMATION FOR VARIABLE GROWTH RATE VALUATIONSEXPECTED GROWTH RATE FOR EARNINGS19.3200%15.9500%16.4100%11.5000%11.5000%EXPECTED GROWTH RATE (DIVIDENDS & STOCK REPURCHASES)15.0000%15.0000%15.0000%15.0000%15.0000%COMPUTER-GENERATED CALCULATIONSEARNINGS PER SHARE$6.30LAST CASH D.
Management AccountingActivity Based Costing vs Absorption Cost.docxinfantsuk
Management Accounting
Activity Based Costing vs Absorption Costing
Table of Contents
Budgeted Profit Statements 1
1.1 Absorption Costing 1
1.2 Activity Based Costing 3
1.3 Comments on the results 5
2.0 Discussion of the statement 6
References 9
0
2
1.0 Budgeted Profit Statements
1.1 Absorption Costing
Traditional absorption costing involves the calculation of product cost, using direct and indirect variable costs and fixed and variable overheads, which are substituted over the complete production. Overhead cost substitution is based upon the process activity that drives the cost. Machine hours and assembly hours are two example activities that influence product development; overheads are allocated based upon the hours consumed in each department.
The following table summarises the activity levels involved in the production process:
Product
Units
Machine (Hours)
Assembly (Hours)
Setups
Orders
Suppliers
XYI
50,000
100,000
350,000
120
8,000
3,000
YZT
40,000
200,000
120,000
200
8,000
4,000
ABW
30,000
120,000
60,000
200
16,000
4,200
Total
120,000
420,000
530,000
520
32,000
11,200
When the cost is allocated to each product, finding each product’s contribution towards overhead provides a clearer picture. The following table summarises the total contributions of the three products.
Total Contribution
Products
Selling Price (£)
(1)
Cost Price (£)
(2)
Contribution (£)
(3)= (1)-(2)
Units
(4)
Total Contribution (5)= (3)x(4)
XYI
45
32
13
50,000
650,000
YZT
95
84
11
40,000
440,000
ABW
73
65
8
30,000
240,000
The absorption rate on which the overhead cost is allocated to the products is also important in making the profit and loss statement. Since this involves two significant activities, the overhead is allocated over these two cost drivers.
· O/H Absorption rate (Machine Hours)
Overheads / machine hours = £504,000 / 420,000 = £1.20/hour
· O/H Absorption rate (Assembly Hours)
Overheads / assembly hours = £437,000 / 530,000 = £0.8245/hour
Based upon absorption rates, the following table summarises the division of overhead costs over the three products.
Machine Hours
Assembly Hours
Products
Hours
(1)
Rate
(2)
Overheads
(3)=(1)*(2)
Hours
(4)
Rate
(5)
Overheads
(6)=(4)*(5)
Total O/H
(7)=(3)+(6)
XYI
100,000
1.20
120,000
350,000
0.8245
288,575
408,575
YZT
200,000
1.20
240,000
120,000
0.8245
98,940
298,940
ABW
120,000
1.20
144,000
60,000
0.8245
49,470
169,470
504,000
436,985
940,985
· Statement of Profit / (Loss)
Using Absorption Costing Method
Revenue
XYI
YZT
ABW
(1) Units
50,000 units
40,000 units
30,000 units
(£)
(£)
(£)
(£)
(2) Sale Price
45
95
73
(3) Cost Price
32
84
65
(4) Contribution (2) – (3)
13
11
8
Total Contribution (4) * (1)
650,000
440,000
240,000
1,330,000
Overheads *
(408,575)
(298,940)
(169,470)
(940,985)
Net Profit
241,425
101,060
46,530
389,015
1.2 Activity Based Costing
The focus of activity based costing is upon departmentalizing overheads cost; this cost can be attributed to th ...
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
3.0 Project 2_ Developing My Brand Identity Kit.pptxtanyjahb
A personal brand exploration presentation summarizes an individual's unique qualities and goals, covering strengths, values, passions, and target audience. It helps individuals understand what makes them stand out, their desired image, and how they aim to achieve it.
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Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
Skye Residences | Extended Stay Residences Near Toronto Airportmarketingjdass
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[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
Unveiling the Secrets How Does Generative AI Work.pdfSam H
At its core, generative artificial intelligence relies on the concept of generative models, which serve as engines that churn out entirely new data resembling their training data. It is like a sculptor who has studied so many forms found in nature and then uses this knowledge to create sculptures from his imagination that have never been seen before anywhere else. If taken to cyberspace, gans work almost the same way.
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
Cracking the Workplace Discipline Code Main.pptxWorkforce Group
Cultivating and maintaining discipline within teams is a critical differentiator for successful organisations.
Forward-thinking leaders and business managers understand the impact that discipline has on organisational success. A disciplined workforce operates with clarity, focus, and a shared understanding of expectations, ultimately driving better results, optimising productivity, and facilitating seamless collaboration.
Although discipline is not a one-size-fits-all approach, it can help create a work environment that encourages personal growth and accountability rather than solely relying on punitive measures.
In this deck, you will learn the significance of workplace discipline for organisational success. You’ll also learn
• Four (4) workplace discipline methods you should consider
• The best and most practical approach to implementing workplace discipline.
• Three (3) key tips to maintain a disciplined workplace.
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Taurus Zodiac Sign_ Personality Traits and Sign Dates.pptxmy Pandit
Explore the world of the Taurus zodiac sign. Learn about their stability, determination, and appreciation for beauty. Discover how Taureans' grounded nature and hardworking mindset define their unique personality.
2. Inventory Management
1. Plan Setting up of various stock levels
i.e.. Re- ordering level, maximum level, minimum
level, average stock level, danger level, E.O.Q.
2. Prepare Inventory Budget
3. Maintain Maintaining Perpetual Inventory System
i.e. Daily cycle count, quarterly or half
yearly cycle count, wall to wall cycle count
4. Establish Ordered, processed, and stored.
5. Analyze Inventory Turnover Ratio, ABC
Categorization
3. Inventory Classification
ABC Analysis - Based on Pareto Principle i.e. 80/20
HML Analysis – High, Medium and Low
FSN Analysis - Fast, Slow , Non moving
VED Analysis - Vital, Essential, Desirable
4. ABC Analysis
It is based on Pareto Principle i.e. 80/20;
“A” Category Items - Comprise 20% of SKU & Contribute to
75% - 80% of Rupee spend.
“B” Category Items - Comprise 30% of SKU & Contribute to
15% - 20% of Rupee spend.
“C” Category Items - Comprise 50% of SKU & Contribute to
5% -10% of Rupee spend.
6. Procedure for ABC Analysis
1. List each item carried in inventory by number or some other
designation.
2. Determine the annual volume of usage and rupee value of each item.
3. Multiply each item annual volume of usage by its rupee value.
4. Compute each item percentage of the total inventory in terms of
annual usage in rupees.
5. Select the top 20% of all items which have the highest rupee
percentages and classify them as “A” items.
6. Select the next 30% of all items with the next highest rupee
percentages and designate them as “B” items.
7. The next 50% of all items with the lowest rupee percentages are “C”
items.
8. S.No.
Item
number
Unit cost
($)
Annual demand
Total cost per year
($)
Usage as a %
of total usage
1 1001 6 48,000 288,000 38%
2 1002 12 2,000 24,000 3%
3 1003 20 300 6,000 1%
4 1004 8 800 6,400 1%
5 1005 7 4,800 33,600 4%
6 1006 16 1,200 19,200 3%
7 1007 18 18,000 324,000 43%
8 1008 4 300 1,200 0%
9 1009 9 5,000 45,000 6%
10 1010 12 500 6,000 1%
Total usage 753,400 100%
Procedure for ABC Analysis
Step#2
9. S.No. Category
Cumulative
% of items
Item
number
Unit
cost
Annual
demand
Total cost
per year
Usage as a
% of total
usage
Cumulative % of
total
1
A
10% 1007 18 18,000 324,000 43.0% 43.0%
2 20% 1001 6 48,000 288,000 38.2% 81.2%
3
B
30% 1009 9 5,000 45,000 6.0% 87.2%
4 40% 1005 7 4,800 33,600 4.5% 91.7%
5 50% 1002 12 2,000 24,000 3.2% 94.9%
6
C
60% 1006 16 1,200 19,200 2.5% 97.4%
7 70% 1004 8 800 6,400 0.8% 98.2%
8 80% 1010 12 500 6,000 0.8% 99.0%
9 90% 1003 20 300 6,000 0.8% 99.8%
10 100% 1008 4 300 1,200 0.2% 100%
Total Usage 753,400 100%
Procedure for ABC Analysis
Step#3
10. Economic Order Quantity (EOQ)
Economic Order Quantity Model determines the optimal order
Quantity that will minimize the total inventory cost.
This model pre supposes certain assumptions as under:
1. No safety Stocks available in inventory.
2. No shortages allowed in order delivery.
3. Demand is at uniform rate and does not fluctuate.
4. Lead Time for order delivery is constant.
5. The only two relevant costs are the inventory holding cost and the fixed
cost per lot for ordering or setup.
• EOQ is a basic model and further models developed based on this model e.g.
production Quantity Model and Quantity Discount Model.
11. Economic Order Quantity (Cont.)
Use the EOQ:
Make-to-stock
Carrying and setup costs are known and relatively stable
Modify to quantity discounts
13. Calculating EOQ
• The EOQ Formula:
{D= Annual Demand, S= Set up or Ordering Cost, H= Holding Cost}
• Time Between Orders (TBO):
EOQ =
2DS
H
TBOEOQ = (12) months/year
EOQ
D
15. Numerical Problem
Biotech. Co produces chemicals to sell to wholesalers. One of the raw
material it buys is sodium nitrate which is purchased at the rate of $22.50 per
ton. Biotech’s forecasts show a estimated requirement of 5,75,000 tons of
sodium nitrate for the coming year. The annual total carrying cost for this
material is 40% of purchase cost and the ordering cost is $595 per order.
What is the Most Economical Order Quantity and TBO?
Solution:
D= 5,75000 Tons, H= 22.50 x 40% = $9.00/Ton/Year, S = $595/Order
EOQ = =
2DS
H
= 27,573 tons per order
2(5,75000)(595
)
9
TBOEOQ = (12) months/year =
EOQ
D
27,573 (12) = 0.575 Month
575000
16. Numerical Problem
Suppose that you are reviewing the inventory policies on an $80 item
stocked at a hardware store. The current policy is to replenish
inventory by ordering in lots of 200 units. Additional information is;
D = 60 units per week, 60 x 52 = 3,120 units per year
S = $30 per order
H = 25% of selling price = 25% x $80 = $20 per unit per year
What is the EOQ?
EOQ = =
2DS
H = 97 units
2(3,120)(30)
20
SOLUTION
17. Application of EOQ
Current Policy EOQ Policy
Q = 200 Units EOQ = 97 Units
T.C = [Annual H.C] + [Annual S.C] T.C = [Annual H.C] + [Annual S.C]
T.C = [Avg. Cycle Inv. X Unit Holding Cost] + [No. Orders / Yr x Ordering Cost]
T.C = (200/2)(20) + (3,120/200)(30) T.C = (97/2)(20) + (3,120/97)(30)
T.C = 2000 + 468 T.C = 970 + 965
T.C = $2468 T.C = $1,935
What is the total annual cost of the current policy (Q = 200), and
how does it compare with the cost by using the EOQ?
18. Application of EOQ (Cont.)
What is the time between orders (TBO) for the current policy and the EOQ
policy, expressed in weeks?
TBO200 = (52 weeks per year) = 3.3 weeks
200
3,120
TBOEOQ = (52 weeks per year) = 1.6 weeks
97
3,120
SOLUTION
TBOEOQ = (12) months/year or 52 weeks/year
EOQ
D
19. Quantity Discounts
This adjustment offers buyers an incentive of lower per-unit
pricing as more products are purchased.
For instance, a buyer may pay the list price when they purchase between
1-99 units but receive a 5% discount off the list price when the purchase
exceeds 100 units.
20. Quantity Discounts Models
1. All units quantity discount
e.g. X amount of discount offer, if order quantity per annum > 2000
2. Incremental units quantity discount. Following is an example;
Total Annual Cost:
Quantity Discount Unit Price
1-999 units 0% $5.00
1000-1999 units 4% $4.80
2000 or more units 5% $4.75
TC = [ (Q/2) x H ] + [ (D/Q) x S ] + [ P x D ]
ANNUAL CARRYING COST ANNUAL ORDERING COST ANNUAL FIXED COST
21. Example
Annual Demand = 5,000 units
Ordering Cost = $49.00
Carrying Cost as Percentage of Unit Price = 20%
Package Offer;
Quantity Discount Unit Price H.C/Unit
1-999 units (Q1) 0% $5.00 0.20 x 5 = $1.00
1000-1999 units (Q2) 4% $4.80 0.20 x 4.80 = $0.96
2000 or more units (Q3) 5% $4.75 0.20 x 4.75 = $0.95
22. EOQ2 = = = 714 units (for 4% discount)
2DS
H
2x5000x49
0.96
( to qualify for the 0% discount )
EOQ1 = 700 need not be adjusted
( to qualify for the 4% discount )
EOQ2 = 714 is adjusted to EOQ2 = 1,000 units
( to qualify for the 5% discount )
EOQ3 = 718 is adjusted to EOQ3 = 2,000 units
EOQ1 = = = 700 units (for 0% discount)
2DS
H
2x5000x49
1
EOQ3 = = = 718 units (for 5% discount)
2DS
H
2x5000x49
0.95
Example (Cont.)
23. Total Cost:
Example (Cont.)
TC2 = [ (EOQ2/2) x H ] + [ (D/EOQ2) x S ] + [ P x D ]
TC2 = [ (1000/2) x 0.96] + [ (5000/1000) x 49] + [4.80 x 5000]
TC2 = $480 + $245 + $24,000 = $24,725
TC1 = [ (EOQ1/2) x H ] + [ (D/EOQ1) x S ] + [ P x D ]
TC1 = [ (700/2) x 1] + [ (5000/700) x 49 ] + [ 5 x 5000 ]
TC1 = $350 + $350 + $25,000 = $25,700
TC3 = [ (EOQ3/2) x H ] + [ (D/EOQ3) x S ] + [ P x D ]
TC3 = [ (2000/2) x 0.95] + [ (5000/2000) x 49] + [4.75 x 5000]
TC3 = $950 + $122.50 + $23,750 = $24,822.50
TC = [ (Q/2) x H ] + [ (D/Q) x S ] + [ P x D ]
24. Example (Cont.)
Quantity
Annual
Holding Cost
Annual
Ordering Cost
Annual Material
Cost
TOTAL
700 units
Q1 -(@
$0%)
$350.00 $350.00 $25,000.00 $25,700.00
1000 units
Q2 –(@
$4%)
$480.00 $245.00 $24,000.00 $24,725.00
2000 units
Q3 –(@
$5%)
$950.00 $122.50 $23,750.00 $24,822.50
Summary