Question 24 (2 points) Which inventory system is the following paragraph describing? This method uses a timing schedule to verify or count the quantity on-hand of each item in a business' warehouse. It suggests counting items, based on usage classficiations, at different times during the year. An example could be: Items responsible for the top 80% of sales would be counted six times per year Items responsible for the next 15% of sales would be counted twice per year All other products whould be counted once per year 1) The EOQ Model 2) The Q System 3) The ABC or Cycle Counting Method 4) The P System Question 25 (7 points) The Speedy Grocery Store carries a brand of coffee that has the following characteristics: Sales - 10 cases per week Ordering cost-$10 per order Carrying charge = 30% per year Item cost-$80 per case . What is the economical order size (ie, how many cases should be ordered at a time)? How often will the coffee be ordered i.e., how many times per year)? EOQ-10 cases Ordering should occur 12.5 times per year O E0Q-21 cases Ordering should occur 24.8 times per year EOQ-23.55 cases Ordering should occur 26.5 times per year Question 26 (1 point) Decide if the following statement is true or false. In an MRP system, a requirements philosophy is based on the procurement of inventory to support the master production schedule. Stock is not automatically replenished when it runs low, only when it is needed to meet future requirements 1) True O2) False Question 27 (3 points) Match the definitions/descriptions at the right with the correct MRP/ERP terms on the left. 1 Company-wide system used to plan and contral all resources including inventory, capacity, cash, personnel, facilities, and capital. It's an extension and integration of all functions through a common database ERP system for Type Ill MRP) MRP Type Il System - 2. A minimal inventory control system that releases manufacturing and purchase orders based on the master schedule MRP Type 1 System 3. An information system used to control inventories and capacities. Orders from parts explosion are checked to see if there is sufficient capacity Question 28 (1 point) Which is NOT true about MRP systems? Select one. 1) It is used to manage dependent demand items. 2) It is driven by the Master Schedule. 3) It uses a pull system because master schedule is constantly changing 4) There are three types of MRP Systems, Type I, II and III. Question 29 (1 point) In this system, the bill of materials (BOM) specifies the relationship between the end product (independent demand) and the components (dependent demand). The system takes as input the information for output) from the BOM 1) Periodic Review System 2) ABC or Cycle Counting System 3) EOQ System 4) MRP System Question 30 (3 points) This is your freebie question, worth 3 free points for any answer. This is offered to offset the need to "argue" any points once scored. What's the first thing you'll do when the semester is over? You have to answer this to earn the free points. Select one. Take a long nap Celebrate Spend time with my family Go on vacation somewhere More than one of the above Something else