Question 1 A manufacturer uses 100,000 components costing $1 each at a constant rate throughout the year. The cost of making a single order for more components is $10 and the holding costs for each component are 0.5% of the average inventory value. What is the EOQ? Question 2 At 31 March 201 an organisation had 5,400 employees. During the previous year 750 had left the organisation, although the management had decided that only 600 needed replacing and had recruited accordingly. What was the labour turnover rate for the year to 31 March 20X1 (to 2 decimal places)? Question 3 JM Ltd had the following material transactions during November. Number of units Cost per unit Opening balance 1 November 20 4.00 Receipt 8 November 140 4.40 Issues Receipt Issues 12 November 80 18 November 100 4.60 26 November 140 Calculate the closing inventory value at the end of November using FIFO. Show your workings in excel or word documents 1