Explain EOQ
Give a brief introduction of the term EOQ?
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Economic Order Quantity (or EOQ) is the quantity which is fixed in such a manner that the variable costs for managing the inventory can be reduced. This comprises two parts: Ordering Cost and Carrying Cost. Ordering cost comprises all the costs combined with the administrative efforts connected with preparation of purchase requisitions, filing tenders, enquiries, and comparative statements and so forth. Which are occurred in ordering material. Carrying cost comprises all the costs which are occurred in carrying or holding the inventory like go-down rent, assurance handling expenditures and so on. There is an opposite relationship between ordering cost and ordering cost. An effort must be made to balance both the costs, which is probable at Economic Order Quantity where the total variable cost of managing the inventory is minimums.
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Rs. Sales 2,40,000 Variable costs 1,44,000 Fixed costs 26,000 Profit before tax 70,000 Rate of tax 40% Firm is proposing to buy the new plant that could generate extra annual profit of Rs. 10,000. The fixed cost of new plant is expected to Rs. 4000. New plant would increase sales volume by Rs. 40,00
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