It's about computing economic order quantity, safety stock, average inventory and annual inventory cost.

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(Show all your works, including all computational procedures and details) The following statement discusses the Postponement Strategy "...The way neighborhood hardware and paint stores match paint color on their premises is a good example. Instead of making a broad range of different paints to meet customers' specific requirements, factories making a generic paint and a variety of color pigments, which hardware and paint stores stock. The stores use a chromatograph to analyze customer's paint sample and to detemine the paint-and-pigment mixture that will match it. This innovative process provides customers with a virtually unlimited number of consistent choices and, at the same time, significantly reduces the inventory of paint that stores need to stock in order to match every customer's desired color on demand in Feitzinger and Lee (1997). Assume now that our paint store (OPS) plans to adopt the Postponement Strategy. Instead of making 5 different paints to meet customers' specific requirements, OPS's supplier makes a generic paint and 5 color pigments, which OPS stocks. Cost per gallon of generic paint is $20. (Assume that the cost of color pigment is negligible 0) (1.1) What should be the economic order quantity for the generic paint? Q =? (1.2) How much safety stock does generic paint hold? Is = ? (6.3) How much average inventory is held? 1 = ? (6.4) Computes annual inventory cost. MIC = ?+ (Show all your works, including all computational procedures and details) The following statement discusses the Postponement Strategy "...The way neighborhood hardware and paint stores match paint color on their premises is a good example. Instead of making a broad range of different paints to meet customers' specific requirements, factories making a generic paint and a variety of color pigments, which hardware and paint stores stock. The stores use a chromatograph to analyze customer's paint sample and to detemine the paint-and-pigment mixture that will match it. This innovative process provides customers with a virtually unlimited number of consistent choices and, at the same time, significantly reduces the inventory of paint that stores need to stock in order to match every customer's desired color on demand in Feitzinger and Lee (1997). Assume now that our paint store (OPS) plans to adopt the Postponement Strategy. Instead of making 5 different paints to meet customers' specific requirements, OPS's supplier makes a generic paint and 5 color pigments, which OPS stocks. Cost per gallon of generic paint is $20. (Assume that the cost of color pigment is negligible 0) (1.1) What should be the economic order quantity for the generic paint? Q =? (1.2) How much safety stock does generic paint hold? Is = ? (6.3) How much average inventory is held? 1 = ? (6.4) Computes annual inventory cost. MIC = ?+