3) A mgr. must set up an invty system for two (2) new production items, P34 & P35. P34 can be ordered at any time, but P35 can only be ordered once every 4 weeks. The co. operates 50 weeks a year and the weekly usage rates for both items are normally distributed. The mgr. has gathered the following information about the items: Item P34 Item P35 Average wkly demand 60 units 70 units Standard deviation 4 units per wk 5 units per wk Unit cost $15 $20 Annual Holding cost 40% 40% Ordering cost $70 $30 Lead time 2 weeks 2 weeks Acceptable stockout risk 5% 5% a) When should the manager reorder each item? b) Compute the order quantity for P34 c) Compute the reorder point for P35 if 110 units are on hand at the time the order is placed