MN $580$ Sections $01$ and $08$

Homework: Chapter $16$ Homework

Question $2,$ Problem $16\mathrm{.}1$

HW Score: $90\%,9$ of $10$ points

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Carol Cagle has a repetitive manufacturing plant producing trailer hitches in Arlington, Texas. The plant has an average inventory turnover of only $12$ times per yea He has therefore determined that he will reduce his component lot sizes. He has developed the following data for one component, the safety chain clip:

$\backslash$table$[[$Setup labor cost,$$20$ per hour$],[$Annual holding cost,$$12$ per unit$],[$Daily production,$960$ units$/8$ hour day$],[$Annual demand,$31,200(260$ days each $$ daily demand of $120$ units$)],[$Desired lot size,$120$ units $($one hour of production$)]]$

To obtain the desired lot size, the set$-$up time that should be achieved $=$ minutes $($round your response to two decimal places$).$