Question: Given the following information, formulate an inventory management system. The item is demanded 50 weeks a year. o. State the order quantity and reorder point.

Given the following information, formulate an inventory management system. The item is demanded 50 weeks a year. o. State the order quantity and reorder point. (Use Excel's NORMSINV() function to find the correct critical value for the given a-level. Do not round intermediate calculations. Round " Z " value to 2 decimal places and final answer to the nearest whole number.) b. Determine the annual holding and order costs. (Do not round intermediate calculations. Round your answers to 2 decimal places.) c. Assume a price break of $50 per order was offered for purchase quantities of 2.000 or more units per order. If you took advantage of this price break, how much would you save annually? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

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