A clinical laboratory needs to order reagent kits for the To…
A clinical laboratory needs to order reagent kits for the Total Aflatoxin ELISA procedure. The price is $75 per kit, annual demand is 800 kits, ordering cost is $12 per order, interest rate is 5%, and holding cost is $0.45 per kit per year. Using the economic order quantity formula, what is the EOQ?
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