1) ABC Company writes 45 checks a day for an average amount of $711 each. These checks generally clear the bank in 7 days. In addition, the firm generally receives an average of $13,450 a day in checks that are deposited immediately. Deposited funds are available in 1 days. What is the firm's net float?
2) ABC Company sells 2,583 chairs a year at an average price per chair of $141. The carrying cost per unit is $28.89. The company orders 502 chairs at a time and has a fixed order cost of $92.8 per order. The chairs are sold out before they are restocked. What are the total shortage costs?
Enter your answer rounded off to two decimal points. Do not enter comma or $ in the answer box. For example, if your answer is 12.345 then enter as 12.35 in the answer box.