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.

is demanded 50 weeks a year. a. Determine the order quantity and

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 Excels NORMSINV0 function to find the correct critical value for the given a-level. Do not round intermediate ealcutations. Round xz value to ? declmat places and final answer to the nearest whole number. b. Determine the annual holding and order costs. Note: Do not round any intermediate calculations, Round your final answers to 2 decimal places. c. Assume a price break of $50 per order was offered for purchase quantites 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 any intermediate calculations (including number of setups per year). Round your final answer to 2 declmal plices

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