Question: b) setup time =_ minutes Rick Wing has a repetitive manufacturing plant producing automobile steering wheels. Use the following data to prepare for a reduced

b) setup time =_ minutes Rick Wing has a b) setup time =_ minutes

Rick Wing has a repetitive manufacturing plant producing automobile steering wheels. Use the following data to prepare for a reduced lot size. The firm uses a work year of 300 days. Setup labor cost $40.00 per hour Annual holding cost $16 per unit Daily production (8 hours) 880 units/day Annual demand for steering wheels 36,000 (300 days x daily demand of 120 units) Desired lot size (2 hours of production) Q = 220 units a) Setup cost = $ (round your response to two decimal places)

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