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Biotech's produces chemicals to sell to wholesalers. One of the raw material it buys is...

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Biotech's produces chemicals to sell to wholesalers. One of the raw material it buys is sodium nitrate which is purchased at the rate of $22.50 per ton. Biotech's forecasts show a estimated requirement of 5,75,000 tons of sodium nitrate for the coming year. The annual total carrying cost for this material is 40% of acquisition cost and the ordering cost is $595. What is the Most Economical Order Quantity? Calculate the order size, total orders required during a year, total carrying cost and total ordering cost for the year

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