Question: Also need setup time Rick Wing has a repetitive manufacturing plant producing automobile steering wheels. Use the following data to prepare for a reduced lot

Also need setup time Rick Wing has a repetitive Also need setup time

Rick Wing has a repetitive manufacturing plant producing automobile steering wheels. Use the following data to prepare for a reduced lot size. The firm uses a work year of 305 days. Setup labor cost $40.00 per hour Annual holding cost $10 per unit Daily production (8 hours) 800 units/day Annual demand for steering wheels 30,500 (305 days x daily demand of 100 units) Desired lot size (2 hours of production) Q = 200 units a) Setup cost = $ (round your response to two decimal places)

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