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Tpy6a [65]
3 years ago
15

Using a computerized Inventory Management System, a Paint Supply Store franchise continuously monitors the inventory of all the

paint located at each of their 15 stores and their distribution warehouse. The Paint Supply Store franchise sells an average of 74 gallons of Purple Paint every week (for 52 weeks per year, Standard Deviation of the Demand = 8 gallons). They purchase Purple Paint from their supplier at a price of $4.00 per gallon.It takes 2.50 weeks to receive an order from the supplier.Administrative costs for Ordering paint have been estimated to be $35 per order.Holding Costs = 40% of the purchase price per gallon per year.How much Safety Stock should the company hold to have a Service Level of 99.0%?
Business
1 answer:
storchak [24]3 years ago
3 0

Answer: 29.4 gallons

Explanation:

The Safety Stock that should be held by the company to have a Service Level of 99.0% will be:

= Z × σ × ✓LT

Z = 2.326

σ = Standard deviation = 8

LT = Lead time = 2.50

Safety stock = = Z × σ × ✓LT

= 2.326 × 8 × ✓2.50

= 2.326 × 8 × 1.58

= 29.4 gallons

The safety stock is 29.4 gallons.

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Transfer payment is payment made or income received in which goods and services are not paid is known as transfer of payment. It is one-way payment. Transfer Payment is also known as Government transfer as it is given by the Government without goods and services being received in return. Transfer of payment is based on the concept of donor and recipient. A donor gives up something of value without receiving anything in return.

Unemployment benefits are given by the Government without receiving any goods or services in return so it is considered a transfer payment. The government collects money through taxes then this money is reallocated to citizens equally through welfare services.

Unemployment benefits are also provided by the Government therefore it is an example of transfer payment.

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