4. Calculate the economic ordering quantity (EOQ) Inventory costs can be categorized as the costs associated with holding the inventory, ordering and receiving the inventory, or running out of the inventory. For example, costs are minimized by holding lower inventory. The number of units in the optimal size order is called the economic ordering quantity (EOQ). Smith Company purchases custom-made durable packing boxes to ship its equipment. Each year, Smith uses 112,000 boxes. It costs Smith $105 to place each order, and the purchase price is $1.92 per box. An analysis indicates that carrying costs are 25% of the purchase price. Based on the information provided, solve for the values under Smith's EOQ policy in the following table: Value EOQ for packing boxes Number of orders per year Total ordering cost for the year Total carrying cost for the year Total inventory-related cost per year