A jewelry firm buys semiprecious stones to make bracelets, Operation Management

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A jewelry firm buys semiprecious stones to make bracelets

A jewelry firm buys semiprecious stones to make bracelets and rings. The supplier charges $20 per stone, annual carrying costs are 30%, and the cost of processing orders is $90. The jewelry firm operates 250 days per year and their usage rate is 86 stones per day.

a. Determine the economic order quantity.

b. Compute the total cost of ordering and carrying semiprecious stones.

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Operation Management: A jewelry firm buys semiprecious stones to make bracelets

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