F2 : Lec 2 - Materials Materials topic - key points to - TopicsExpress

F2 : Lec 2 - Materials Materials topic - key points to note -> Total Material Cost = Purchase Price + Holding cost + Order cost -> Holding cost = Q/2 x Ch Or = (Q/2 + Buffer stock) x Ch Buffer is extra stock. -> Order cost =D/Q x Co Q = Quantity / EOQ D = Annual demand (Not monthly demand!) To minimize both Order and Holding cost we need to apply EOQ. EOQ = Economic Order Quantity= Best order quantity EBQ = Economic Batch Quantity = Best cumulative production level Know other simple formulas/calculation; -> Reorder level = Max usage x Max lead time -> Max inventory level= Reorder level + Reorder quantity - (Min usage x Min lead time) Min inventory level= Reorder level - ( Average usage x Average lead time) Other small areas: Free stock level = Physical Stock + Stock on order from supplier - Stock from customer Know the other areas such as relationship of EOQ with Ch / Co . Ledger accounts and entries we will learn in future topics.

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