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2. A consulting firm is trying to determine how to minimize the costs associated with...

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Accounting

2. A consulting firm is trying to determine how to minimize the costs associated with purchasing paper. Paper is consumed at the rate of 30 reams per day. Each time an order is placed an ordering cost RM100 is incurred and the holding cost per ream per day is 1% of the unit purchase cost. Suppose no shortage is allowed and that the purchasing cost per ream is RM12 for any quantity not exceeding 300 reams and RM10 otherwise. Determine the optimal inventory policy, given a 15 days lead time.

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