(Step-by-Step) A large bakery buys flour in 25 pound bags. The bakery uses on average of 4,860 bags a year. Preparing an order and receiving a shipment of
Question: A large bakery buys flour in 25 pound bags. The bakery uses on average of 4,860 bags a year. Preparing an order and receiving a shipment of flower involves a cost of $10 per order. Annually carrying costs are $75 per bag.
- Determine the economic order quantity
- What is the average number of bags on hand?
- How many orders per yards will there be?
- Compute the total cost of ordering and carrying flour
- If ordering cost were to increase by $1 per order, how much would that affect the minimum total annual cost?
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