NatWest Co has credit sales of RM45 million per year and on average settles accounts with trade…

NatWest Co has credit sales of RM45 million per year and on average settles accounts with trade payables after 60 days. One of its suppliers has offered the company an early settlement discount of 0.5% for payment within 30 days. Administration costs will be increased by RM 500 per year if the early settlement discount is taken. NatWest Co buys components worth RM1.5 million per year from this supplier. From a different supplier, NatWest Co purchases RM2.4 million per year of Component K at a price of RM5 per component. Consumption of Component K can be assumed to be at a constant rate throughout the year. The company orders components at the start of each month in order to meet demand and the cost of placing each order is RM248.44. The holding cost for Component K is RM1.06 per unit per year. The finance director of NatWest Co is concerned that approximately 1% of credit sales turn into irrecoverable debts. In addition, she has been advised that customers of the company take an average of 65 days to settle their accounts, even though NatWest Co requires settlement within 40 days. NatWest Co finances working capital from an overdraft costing 4% per year. Assume there are 360 days in a year. Evaluate whether NatWest Co should adopt an economic order quantity approach to ordering Component K.

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