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

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 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. Note: Do not round any intermedlate calculations. Round your final answers to 2 decimal places. c. Assume a price break of $55 per order was offered for purchase quantitles 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 intermedlate calculations (including number of setups per year). Round your final answer to 2 decimal places

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