Question: 1. A lab is trying to determine how many test kits it should order from its supplier. They use 1780 kits per year. The annual

1. A lab is trying to determine how many test kits it should order from its supplier. They use 1780 kits per year. The annual holding cost is 25% of the test kit price. The ordering cost is $12 per order. The supplier delivers their orders all at one time but offers a quantity discount. Calculate the EOQ for each price. Calculate the total cost (holding cost + ordering cost + item cost). What is the optimal ordering condition (Quantity and item price)

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