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Q2. An Industrial Engineer is trying to study the relationship between the average stock in the warehouse and the total inventory cost. She collected the
Q2. An Industrial Engineer is trying to study the relationship between the average stock in the warehouse and the total inventory cost. She collected the following data: Month June July August September Average stock | Total warehouse level (units) cost ($) 17500 42,000 19000 44,300 16500 40,000 14200 37,430 1. Using the high-low method, estimate a cost formula between the average stock level and the total warehouse cost. 2. Estimate the cost during October if the average stock of last year was 13500 units. 3. If at October this year, the total warehouse cost was equal to 26,650. What would have the average stock level inventory been
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