What is the Economic Order Quantity (EOQ)? The amount that should be ordered to minimize the cost of holding the inventory and the cost of ordering The period of time between orders in days, months and/or quarters, to reduce the inventory holding and ordering costs The total inventory cost considering the value of the purchase, order costs, warehousing costs and labour costs The cost of an individual order considering the value of the purchase, order costs, warehousing costs and labour costs If a company faces a 60-day lead time on orders of a European faucet with an annual demand of 2,190 units, at what inventory level must it reorder to ensure sufficient supply to satisfy average demand? A) 60 B) 360 C) 6 D) 45 Magdalene Pottery and Gifts has annual sales revenue of $1,596,875, of which 80% are on credit, and accounts receivable of $143,500. What is the company's average collection period for receivables in days? D) 41 12 C) A) 9 33 B)