EOQ formula ? and tell me about that???
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Answer Posted / sk.pasha
It refers to the size of the order that gives maximum economy in purchasing any material. It's also referred as optimum or standard ordering quantity. it's ascertained by the following formula.
EOQ = route of 2CO
--------
I
where EOQ = Quantity to be ordered.
C = Annual consumption of the material in units
O = Cost of placing one order including the cost of receiving the goods.
I = Interest payments including cost of storage per unit per year.
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