Question: Please show equations! Problem 3 (Show all your problem-solving processes on the MS Excel template given; Once you are done, submit the template on the

Please show equations! Please show equations! Problem 3 (Show all your

Please show equations! Problem 3 (Show all your

Problem 3 (Show all your problem-solving processes on the MS Excel template given; Once you are done, submit the template on the same dropbox). (8 points) Daily demand is 115 units with a standard deviation of 40 units. Daily demand follows the normal distribution. The cost of placing an order is $100, and the time from ordering to receipt is four days. The annual inventory carrying cost is $0.65 per unit. Assume that sales occur over the entire 250 days of the year. It provides a 98 percent service probability (z = 2.05)(Round your answers to the nearest hundredth). a. Find the order quantity (EOQ). b. Determine the reorder point. c. Determine the annual holding and ordering costs. d. Suppose the production manager is told to reduce the safety stock of this item by 100 units, what will be the new service probability be (Use the Excel function to find the probability)? a. EOQ= b. Reorder point= C. total ordering cost = total holding cost= d. p=

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