Question: b) Setup Time = Rick Wing has a repetitive manufacturing plant producing automobile steering wheels. Use the following data to prepare for a reduced lot

b) Setup Time = Rick Wing has a repetitive manufacturing plant producing

b) Setup Time =

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 290 days. Setup labor cost Annual holding cost Daily production (8 hours) Annual demand for steering wheels Desired lot size (2 hours of production) $40.00 per hour $12 per unit 800 units/day 29,000 (290 days daily demand of 100 units) Q=200 units a) Setup cost =$ (round your response to two decimal places)

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