QUESTION $7$

Given the following data:

$($a$)$ Calculate:

$($i$)$ Re$-$order level

$(4$ marks$)$

$($ii$)$ Minimum level

$(4$ marks$)$

$($iii$)$ Maximum level

$(4$ marks$)$

$($b$)$ Explain the following terms:

$($i$)$ Re$-$order level

$(2$ marks$)$

$($ii$)$ Re$-$order quantity

$(2$ marks$)$

$($iii$)$ Lead time

$(2$ marks$)$

$($iv$)$ Maximum level

$(2$ marks$)$