Delta engineering is using MRP for their production Consider the following MRP lot$-$sizing problem, the net requirements are shown for eight scheduling weeks

$12$

Weekly net requirements

Week

$1$

Requirement $50$

$2$

$60$

$3$

$70$

$60$

$5$

$95$

$75$

$7$

$60$

$55$

The other information are as follows

Cost per item

$10$ $

Order or setup cost

$47$ S

$0\mathrm{.}5\%$ of the item cost

Inventory carrying

cost$/$week

$4$

The company is in dilemma between adopting lot$-$for$-$lot and EOQ strategy Calculate the total cost and decide which strategy will be suitable to minimize overall costs