$7.$ SkyTech Weather Instruments is a specialized retail store focusing solely on meteorological devices. The owner, Alex, is contemplating an inventory and reorder strategy for residential weather stations. The weather stations are purchased by Alex for $$50$ each, and the annual demand is around $500$ units, distributed relatively evenly over the year. The cost for placing a reorder is $$80,$ and the inventory holding cost is $$10.$ The company operates $300$ days a year $(6$ days a week, taking a two$-$week break in August$).$ The lead time for orders is $60$ working days.

Calculate Economic Order Quantity, Total Cost, and Reorder Point $(3$ points$).$ The formula for reorder point is: $($Reorder Point $=$ Daily Demand x Lead Time; to get Daily Demand, divide Annual Demand by the number of working days$)$