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Pratac uses 240,000 units of component X in its production each year, at a steady rate. As the supplier is very reliable, replenishment orders may be placed such that they arrive just as inventories run out; Pratac currently orders once a month. Each time a replenishment order is placed, at a purchase price of $480 per 1,000 units, administration costs of $50 are incurred, and the supplier charges $15 per 1,000 components for delivery. The company's cost of capital is 15%, and other variable holding costs amount to $24 per 1,000 units. Both these costs are assumed to vary with the average inventory level. The warehouse costs attributable to these inventories are $12,000 per annum. Calculate the total annual cost of ordering, handling and holding inventory, excluding purchase price. The total annual cost of ordering, handling and holding inventory, excluding purchase price is: $________ |