[Step-by-Step] A jewelry firm buys semiprecious stones to make bracelets and rings. The supplier quotes a price of $8 per stone for quantities of 600 stones
Question: A jewelry firm buys semiprecious stones to make bracelets and rings. The supplier quotes a price of $8 per stone for quantities of 600 stones or more. $9 per stone for orders of 400 to 599 stones, and $10 per stone for lesser quantities. The jewelry firm operates 200 days per year. Usage rate is 25 stones per day, and ordering costs are $48.
- If carrying costs are $2 per year for each stone, find the order quantity that will minimize total annual cost.
- If annual carrying costs are 30 percent of unit cost, what is the optimal order size?
- If lead time is six working days, at what point should the company reorder?
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