A service garage uses 120 boxes of cleaning cloths a year. The boxes cost $6 each. Ordering cost is $3 and the holding cost is 10 percent of purchase cost per unit on an annual basis. Determine:
- The economic order quantity
- The total cost of carrying the cloths (excluding purchase price)
- The average inventory
- How many times to order per year?
- The time between two orders, if the business days is 240 days in a year
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