Question: 1.Use the Basic EOQ costs and the EOQ total costs with quantity discounts. For the basic EOQ model, the three cost functions we created include

1.Use the Basic EOQ costs and the EOQ total costs with quantity discounts. For the basic EOQ model, the three cost functions we created include 1) the annual setup (order) cost, 2) the annual holding cost, and 3) the total costs. Replicate this demonstration by designing an excel worksheet for the Production Order Quantity (POQ) model for all three costs (Setup, Holding, and Total Costs) functions. Establish the following settings:

1. Set the Setup cost per each order to $10.

2. Set the Holding cost per unit per year to $20.

3. Set the Annual Demand to 50,000 units.

4. Designate and Set a new cell to be the daily demand at 5 units.

5. Designate and Set a new cell to be the daily production at 7 units

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