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 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 295 days. Setup labor cost $40.00 per hour Annual holding cost $20 per unit Daily production (8 hours) 1,040 units/day Annual demand for steering wheels 30,975 (295 days x daily demand of 105 units) Desired lot size (2 hours of production) Q = 260 units a) Setup cost = $ (round your response to two decimal places)

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