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Homework: Chapter 16 Homework Question 5, Problem 16.1 HW Score: 44.44%, 12 of 27 points Points: 0 of 3 Save 17 rol Caglo has a repetitive manufacturing plant producing trailer hitches in Arlington, Texas. The plant has an average inventory tumover of only 12 times per year. He therefore determined that he will reduce his component lot sizes. He has developed the following data for one component, the safety chain clip Setup labor cost $30 per hour Annual holding cost $12 per unit Daily production 992 units/hour day Annual demand 46,200 (275 days each x daily demand of 168 units) Desired lot size 124 units (one hour of production) to obtain the desired lot size, the set-up time that should be achieved = 2.46 minutes (round your response to two decimal places)