Answer the following statement(s) true (T) or false (F)
1. The holding cost per unit per period is expressed as a percentage of ordering costs.
2. The EOQ model is based on the EPQ model.
3. If the production run size is Q, the production rate is p, and the demand or usage rate is d, then the inventory used up at the end of the production cycle is given by (p/Q) x d.
4. The setup cost to make a carpet is $20 per setup. The holding cost is $2.00 per yard per year, and the annual demand is 12,000 yards. The manufacturing facility operates 300 days, and 120 yards of the carpet are produced per day. With an optimum order quantity of 600, the length of the production run in days is 5.
1. False
2. False
3. False
4. True
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