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Problem $7-15($Algo$)$

Michigan State Figurine Incorporated $($MSF$)$ sells crystal figurines to Spartan fans. MSF buys the figurines from a manufacturer for $$30$ per unit. It sends orders electronically to the manufacturer, costing $$50$ per order, and it experiences an average lead time of nine days for each order to arrive from the manufacturer. Its inventory carrying cost is $20$ percent. The average daily demand for the figurines is four units per day. MSF is open for business $250$ days a year. Answer the following questions:

Use the online EOQ calculator provided in the current Canvas module to answer part a$.$

How many units should the firm order each time? Assume there is no uncertainty at all about the demand or the lead time.

How many orders will it place in a year?

What is the average inventory?

What is the annual ordering cost?

What is the annual inventory carrying cost?