The annual demand of a certain component bought from the market is 1,000 units The cost of placing an order id Rs 60 and the carrying cost per unit is Rs 3 per annum. The EOQ for the item is.
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Economic Order Quantity is the level of inventory that minimizes the total inventory holding costs and ordering costs. It is one of the oldest classical production scheduling models. Economic order quantity refers to that number (quantity) ordered in a single purchase so that the accumulated costs of ordering and carrying costs are at the minimum level. In other words, the quantity that is ordered at one time should be so, which will minimize the total of. Cost of placing orders and receiving the goods, and Cost of storing the goods as well as interest on the capital invested.
economic order quantity (EOQ)
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