Question: Table 2.1: Actual sales data for the reading glasses during 2021 3.1 Using the actual sales data provided above, determine the economic order quantity (EOQ)

Table 2.1: Actual sales data for the reading

Table 2.1: Actual sales data for the reading glasses during 2021 3.1 Using the actual sales data provided above, determine the economic order quantity (EOQ) of reading glasses for 2021 financial year. (6 marks) 3.2 Using the EOQ model, determine the number of orders for reading glasses placed by In Sight Limited during 2021. (3 marks) 3.3 Suppose that the reading glasses arrive at the premises of Insight Limited 7 days after an order has been placed, determine the level at which Insight Limited had to replenish the stock during 2021 (Assume a 350 working days during 2021). (4 marks) 3.4 Determine how much Insight Limited would save by switching from the current ordering policy to the economic order quantity model. (7 marks)

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