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

Given the following information, formulate an inventory management system. The item is demanded 50 weeks a year. a. Determine the order quantity and reorder point. Note: Use Excel's NORM.S.INV() function to find the z value. Round z value to 2 decimal places and final answer to the nearest whole number. b. Determine the annual holding and order costs. Note: Round intermediate calculations to 2 decimal places. 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? Note: Do not round intermediate calculations. Round your answer to 2 decimal places

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