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1 Q IP6C no cop. 5

2 m NOTICE: Return or renew all Library Materials! The Minimum Fee for each Lost Book is \$ The person charging this material is responsible for its return to the library from which it was withdrawn on or before the Latest Date stamped below. Theft, mutilation, and underlining of books are reasons for disciplinary action and may result in dismissal from the University. To renew call Telephone Center, UNIVERSITY OF ILLINOIS LIBRARY AT URBANA-CHAMPAIGN \1jl\jo L161 O-1096

3 ' UNIVERSITY OF ILLINOIS LIBRARY AT URBANA-CHAMPAIG* AGRICULTURE

4 Digitized by the Internet Archive in 2011 with funding from University of Illinois Urbana-Champaign

8 order. For example, if the company has sales of \$700,000, the average daily inventory must be at least \$2,000 (\$700,000-^-365 days). The longer the order cycle, the larger the inventory requirements. Thus, if the order cycle is 15 days, the average inventory must be at least \$30,000. If the order cycle is shortened to 10 days, then the average inventory requirement is at least \$20,000. There is a technique that can be used to determine how much should be ordered. This technique is called the Economic Order Quantity (EOQ). To determine the EOQ, a businessman must trade off two costs ordering costs and inventory carrying costs. Ordering costs are the expenses involved in placing a single order times the frequency orders are made. The smaller the quantity ordered per order, the greater the ordering costs because more orders are placed with suppliers. The fewer the orders placed, the lower the ordering costs but the higher the average inventory and higher inventory holding costs. Table 2 below shows how a least-cost solution for EOQ determination can be made. In this example, assume that the business has determined (1) carrying costs equal to 15 percent of average inventory value (if the unit cost is \$1, carrying costs are 15 cents), (2) order costs are \$15 per order, (3) average inventory holding costs are one-half of the order quantity, and (4) total sales are 5,200 units per year. The lowest total cost in Table 2 if found at five orders per year. This is \$153. However, there is no assurance that five orders represent the lowest cost because the total cost for four units or for six units is not known. A mathematical formula can be used to determine the EOQ. The components of the EOQ formula are: a = ordering cost per order, s = annual sales rate, i = interest cost per unit per year. The formula is: then: EOQ 4-2as Given the data in the previous example: a = \$15, s = 5,200 units, i = \$0.15 per unit, EOQ = :(15) (5,200) EOQ = 56, EOQ = \ 1,040,000 EOQ = 1,019 units. Thus, for lowest total cost, 1,019 units should be ordered about five times a year. Table 1. Results of Successive Inventory Cuts T Inventory Decrease in Decrease in ^ NT Inven- 3.,,,...,.. Decrease Net gain or. holding units sold inventory. \ c tory &,... i., ij- in sales loss from invencut no. d decrease with each cut holding { tory decrease' in units* in inventory 6 J cost 1 4, J1.661 \$ 690 \$ 971 gain 2 4,400 2,400 3,322 2, gain 3 4,400 6,000 4,983 6,900 1,917 loss 4 4,400 12,800 6,644 14,720 8,076 loss 5 4,400 20,000 8,305 23,000 14,695 loss 22,000 units and the manager plans to cut 20 percent in five successive cuts, or.20 X 22,000 = 4,400 units. a Total inventory is b Decrease in units sold is 600 for first cut, 600 plus 1,800 for second cut, 600 plus 1,800 plus 3,600 for third cut, etc., until the fifth cut when sales are reduced a total of 20,000 units by reducing the inventory to zero. Inventory holding costs are decreased about \$1,661 each time (37 and % cents X 4,400 units). d Decrease in dollar sales volume is the decrease in units sold with each cut time \$1.15 per unit. e Net gain or loss is the amount saved by reducing inventory cost minus the decrease in dollar volume as a result of reduced sales. Table 2. Economic Order Quantity (EOQ) Formulation Number of orders Size of order (units) 5,200 Average inventory (units) 2,600 Carrying cost \$390 Order cost 15 Total cost \$405 2,600 1, , \$195 \$ 78 \$ 39 \$ 26 \$ 19 \$ \$225 \$153 \$189 \$251 \$319 \$391 Prepared by B. L. Brooks, Professor of Agricultural Economics. Urbana, Illinois October, 1972 Issued in furtherance of Cooperative Extension Work, Acts of May 8 and June 30, 1914, in cooperation with the U.S. Department of Agriculture. JOHN B. CLAAR, Director, Cooperative Extension Service, University of Illinois at Urbana-Champaign. (12M )

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