minimum Annual Total Cost
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I need to model and solve this problem using Excel spreadsheets. I need to be able to understand how to derive the answer. So, I need to see the formulas and the step by step approach so I can see how it was done and learn/understand for future exercises.
It's very important that I'm able to see the work involved so I can learn how this was done. Please take me through the step by step procedures to solve this problem including any math and especially the formulas involved in the spreadsheets.
I was able to figure out the formula and design the spreadsheet for part (a) (attached). That is as far as my level of knowledge takes me.
Please use the attached Excel spreadsheet to solve the problem.
The problem is in the attached Word document.
Thank you for helping me.
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Solution Summary
The expert determines minimum Annual Total Cost.
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From the EXCEL spreadsheet, we find that the minimum Annual Total Cost a minimum is $56,370 when lot size is 1000.
Assistance Required: I need to model and solve this problem using Excel spreadsheets. I need to be able to understand how to derive the answer. So, I need to see the formulas and the step by step approach so I can see how it was done and learn/understand for future exercises.
It's very important that I'm able to see the work involved so I can learn how this was done. Please take me through the step by step procedures to solve this problem including and math and especially the formulas involved in the spreadsheets.
I was able to figure out the formula and design the spreadsheet for part (a) (attached). That is as far as my level of knowledge takes me.
Economic Order Quantity
(a) Creating the spreadsheet:
A particular raw material is available to a ...
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