engineering recuitment GATE ME 2023-24 Test Series Industrial Engineering Production Planning and Inventory Control Inventory Control
The demand for a certain item is 200 units per period. Unsatisfied demand causes a shortage cost of Rs. 0.75 per unit per short period. The cost of initiating purchasing action is Rs. 10.00 per purchase and the holding cost is 15% of average inventory valuation per period. Item cost is Rs. 8.00 per unit. (Assume that shortages are being back ordered at the above-mentioned cost). The minimum inventory cost is
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