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Math Help - Need help with EOQ-Economic Order Quantity

  1. #1
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    Need help with EOQ-Economic Order Quantity

    Hello,
    Question: Sally needs to calculate the EOQ of canned corn. The company uses 300 cases of canned corn per year. The cost of one case is $4.00, the ordering cost is $2.00 and the storage cost is 10% the value of the corn.
    What is the EOQ in dollars? $109.54
    What is the EOQ in units? 55

    Answer: I just want to know if the answer that I got was correct. If not what do you believe that I did incorrectly?
    I took the formula 2*$2.00*300cs/.10 and then got the square root of the result to get the first answer. On the second answer I took the formula 2*$2.00*300cs/.40 and then got the square root of the result to get that answer. Am I doing this correctly?
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  2. #2
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    Re: Need help with EOQ-Economic Order Quantity

    I have no idea because you don't say what those formulas mean. By the way, what you give are NOT "formulas". A formula would have to involve letters representing quantities and be equal to something. What do the formulas you are using actually say?
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  3. #3
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    Re: Need help with EOQ-Economic Order Quantity

    Hi friends, you guys are really working very hard and helping other too in solving their problem, you can also go for online tutor to get instant solution of your problem and they also help you to clear your concept.
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  4. #4
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    Re: Need help with EOQ-Economic Order Quantity

    Quote Originally Posted by kalwin View Post
    Hi friends, you guys are really working very hard and helping other too in solving their problem, you can also go for online tutor to get instant solution of your problem and they also help you to clear your concept.
    Yet another way to prevent a person learning.
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  5. #5
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    Re: Need help with EOQ-Economic Order Quantity

    Hi, I am not preventing anybody from learning and students are well grown enough to understand their best, it was just an suggestion to the student s my dear friend.
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  6. #6
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    Re: Need help with EOQ-Economic Order Quantity

    You learn mathematics by doing mathematics, not by watching someone else do it- even if they show all the steps. Directing a person to a website where they can get an "instant solution" (which is certainly NOT "tutoring") will prevent them from doing the problem themselves.
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